All things considered, Simon Sweetman is quite pleased that the Chancellor has changed his mind about CGT
The Chancellor has bowed to public pressure and added an entrepreneurs relief to his CGT proposals. My main quibble is that entrepreneurs relief sounds like something that happens in a massage parlour, and advocates of tax simplification will note that this adds about 8 pages of legislation, and we really cant blame HMRC or the government for this. Reliefs equal complexity.
So the first 1 million of gains on loosely the sale of a business or shares in a business will be taxed at 10% instead of 18% (well, strictly speaking no : the gain is reduced by 4/9 before being taxed, which is better for small disposals and not so good for larger ones). This applies to:
- The disposal...