CGT reform

Dean
Dean Registered Posts: 646 Epic contributor 🐘
in General accounting discussion
Not sure if anyone has been following this (i'm sure you've heard of it!) but the latest proposals have been announced today, here is some useful gumf:

Capital Gains Tax: Entrepreneurs' Relief
http://www.hmrc.gov.uk/cgt/disposal.htm

Capital Gains Tax: Draft legislation (PDF 124K)
http://www.hmrc.gov.uk/cgt/cgt-reform-draft.pdf

Capital Gains Tax: Explanatory Notes (PDF 96K)
http://www.hmrc.gov.uk/cgt/cgt-reform-en.pdf

Accounting Web Summary
http://www.accountingweb.co.uk/cgi-bin/item.cgi?id=178560&d=1025&h=1019&f=1026&dateformat=%25o%20%25B%20%25Y

Regards

Dean

Comments

  • Julia Crouch
    Julia Crouch Registered Posts: 68 Regular contributor ⭐
    Hi Dean

    Thank you for this,

    I did hear that lobbying had been successful and that the proposed rate of 18% had been reduced to 10%, but have had no time to look much further.

    A little light reading for this evening eh:001_rolleyes:

    Julia
  • peugeot
    peugeot Registered Posts: 624 Epic contributor 🐘
    Certainly better news for the smaller businesses which make up the backbone of the UK and those who are in higher tax rates - though (as is always the case in pre-budget reports) there are always the losers! I did hear that the chancellor had made a "u turn" though I wouldn't necessarily class his revised proposals as quite that!!

    Hopefully Alastair Darling has learnt a valuable lesson in his role in that major overhauls of certain areas of the tax system cannot happen overnight and consultation with business groups should be a lesson valuably learnt.

    We'll see!

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