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Where Taxpayers and Advisers Meet
Government set to announce further CGT changes
24/01/2008, by Sarah Laing, Tax News - Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
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The government is set to unveil details of its proposed changes to capital gains tax (CGT), amid reports of concessions after business criticism.

According to the BBC, business leaders still expect ministers to scrap CGT taper relief from 1 April 2008 and set a single 18% rate. However, the government is also tipped to halve the rate to 9% on gains of up to £750,000, to help small firms.

Chancellor Alistair Darling first announced changes to CGT in the 2007 pre-Budget report back in October.

At recent talks with business leaders, ministers were quoted as saying the 10% rate would still go up to 18% this April.

Taper relief currently allows some higher rate taxpayers to pay as little as 10% CGT on profits from the sale of assets in any unlisted company or publicly-listed firm they work for, as long as they have held them for two years. It can also reduce the CGT liability for some basic rate taxpayers to 5%.
 

About The Author

Sarah Laing
Editor, TaxationWeb News

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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