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| CIOT calls for postponement of CGT changes |
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The Chartered Institute of Taxation (CIOT) is calling for the Government to delay any changes to the current capital gains tax (CGT) rules for at least one year. The Institute has made recommendations to the Government that any changes to CGT do not come into force until April 2009 and that, in the intervening period, a full consultation on the proposals is carried out. This will enable entrepreneurs to plan their affairs with a greater amount of certainty and make decisions for commercial reasons instead of solely for tax reasons. Rob Ellerby, CIOT President, says: “The CIOT is deeply concerned that this puts many small businesses and individuals in an extremely difficult position. All businesses and individuals want to be able to plan their tax affairs with a degree of certainty. Any entrepreneur considering disposing of their business now has scant idea of the tax implications if the sale is after 5 April 2008.” The CIOT believes that the current uncertainty means that some entrepreneurs may accelerate business sales for tax reasons instead of for commercial reasons. Rob Ellerby adds: “The problems highlighted are due to the failure to consult on this whole area prior to making the initial announcement in the Pre-Budget Report.” Link Chartered Institute of Taxation
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About The Author  Sarah Laing Sarah is a Chartered Tax Adviser. She has been writing professionally since joining CCH Editions in 1998 as a Senior Technical Editor, contributing to a range of highly regarded publications including the British Tax Reporter, Taxes - The Weekly Tax News, the Red & Green legislation volumes, Hardman's, International Tax Agreements and many others. She became Publishing Manager for the tax and accounting portfolio in 2001 and later went on to help run CCH Seminars (including ABG Courses and Conferences). Sarah originally worked for the Inland Revenue in Newbury and Swindon Tax Offices, before moving out into practice in 1991. She has worked for both small and Big 5 firms. She now works as a freelance author providing technical writing services for the tax and accountancy profession. |
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Article Added Thursday, 20 December 2007 | 684 Hits |
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