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