3 December 2007

Final CGT proposals expected before Christmas

During the Chancellor of the Exchequer?s address to the CBI conference last Tuesday (27 November) he announced his expectation to publish the final CGT proposals ?in the next three weeks?. This will mean that the firm proposals for the shock changes to the regime announced in the Pre Budget Report (PBR) will be available from the week before Christmas.

In his speech Alistair Darling was keen to stress that he was listening to what business leaders were saying about the PBR proposals to abolish taper relief and introduce an 18% standard rate of CGT. However he also said that it was right to simplify the tax system and stressed that the proposed ?new single rate is among the most competitive in the world, less than half the rate for income and less than half what it was ten years ago?.

If you are considering selling business assets please contact your usual Hazlewoods tax contact to discuss the implications of this proposed change and those announced in the PBR.