CGT reform: Darling announces major CGT relief
Chancellor Darling has announced major changes to his Pre-Budget proposals for Capital Gains Reform by introducing:
- a new entrepreneur’s relief,
- a new lower tax rate (10%) on entrepreneur's gains, and
- a new £1 million lifetime allowance for gains made by entrepreneurs.
In a ministerial statement in the House of Commons today he introduced a £1 million lifetime allowance in respect of any chargeable gains, which forms the basis of a new CGT entrepreneurs relief. Gains which exceed the annual CGT exemption and do not exceed £1 million will be taxed at 10%.