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Article: 'Humiliation' for Darling after tax climbdown; CAPITAL GAINS TAX.(Business)
- Article from:
- The Birmingham Post (England)
- Article date:
- January 25, 2008
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Copyright informationCOPYRIGHT 2008 Birmingham Post & Mail Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: By Alan Jones Special Correspondent
The Government is to reform its controversial capital gains tax changes, at a cost of pounds 200 million, following strong criticism from business.
Chancellor Alistair Darling yesterday told the Commons there would be a new capital gains tax "entrepreneur's relief" providing a special ten per cent tax rate for up to a pounds 1 million of gains.
Mr Darling said the move would benefit the owners of small firms when they sold their businesses. Capital gains of more than the pounds 1 million threshold would be taxed at the new ...