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24 Jan, 2008

Published: 11:40 Thursday 24 January 2008
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 capital trusts.

'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.

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