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No U-turn on capital gains reform No U-turn on capital gains reform
(about 6 hours later)
The government has made it clear it will not back down from planned changes to capital gains tax when it unveils details of the proposals on Thursday. The government is due to unveil details of its proposed changes to capital gains tax - and is not expected to back down in the face of business criticism.
At a meeting with business leaders earlier, ministers said that the lowest tax rate, 10%, would still go up to 18% this April. At a meeting with business leaders on Wednesday, ministers said that the lowest tax rate, 10%, would still go up to 18% this April.
But it was hinted that tax relief could be introduced for the smallest firms so as to mitigate damage to entrepreneurs.
The plans have enraged small business owners who would be worst affected.The plans have enraged small business owners who would be worst affected.
Ministers have hinted that tax relief could be introduced for the smallest firms so as to lessen the impact.
The proposed changes to capital gains tax were announced by the Chancellor Alistair Darling in his pre-Budget report last October.The proposed changes to capital gains tax were announced by the Chancellor Alistair Darling in his pre-Budget report last October.
It will see profits made from the sale of firms and shares held for two years or more taxed at 18%, rather than at the current rate of 10%.It will see profits made from the sale of firms and shares held for two years or more taxed at 18%, rather than at the current rate of 10%.
This would mean private equity bosses, who have made fortunes from buying and selling companies, will no longer be able to pay just 10% on their vast profits.This would mean private equity bosses, who have made fortunes from buying and selling companies, will no longer be able to pay just 10% on their vast profits.
But it also means that budding entrepreneurs could be put off, while existing small business owners describe the changes as "potentially ruinous". But it also means that budding entrepreneurs could be put off, while existing small business owners have described the changes as "potentially ruinous".