24 Jan, 2008
Published: 11:40 Thursday 24 January
By: Colin McClelland, News Editor, New Model Adviser
Leading smaller companies fund manager
Giles Hargreave has welcomed Chancellor Alistair Darling's
climb downs on capital gains tax saying that it will boost the
smallest companies in which he invests.
Citywire AA-rated Hargreave manages the Marlborough UK Micro Cap
Growth (Marlborough UK Micro Cap Growth) fund alongside venture
'Obviously for people like me who have holdings in companies,
that's good news because I'll be paying 10% rather than 18% tax,'
said Hargreave. 'He's doing what the press told him he ought to do
to look after the small entrepreneur.'
There was a concern that a raft of small businesses or stock
holders, many found on or invested in the AIM index, would attempt
to get sell out before taper relief was expected to end this April.
'I think it will certainly reduce the number of [AIM] companies
trying to get themselves taken over between now and the 5th of
April because if your shareholding is three quarters of a million
or below then there's no point in doing it unless you particularly
want to get taken out,' he added.