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24 Jan, 2008

Laura Stavro-Beauchamp
Date: 24-Jan-2008

Chancellor Alistair Darling has succumbed to pressure to reduce Capital Gains Tax for small firms.
Entrepreneurs will pay 10% CGT on their first £1m in qualifying capital gains.

The legislative changes, revealed today, apply to the a cumulative lifetime total of gains by small firms. Capital gains above £1m will be taxed at 18%.

The changes supersede taper relief and take effect as of April 1.

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