|
|
Article: Chancellor performs U-turn on capital gains tax
- Article from:
- Yorkshire Post
- Article date:
- January 24, 2008
|
Copyright informationCopyright 2008 Yorkshire Post. Provided by ProQuest LLC. (Hide copyright information)
|
The Government announced an embarrassing u-turn over capital
gains tax today after a storm of protest from business leaders.
Chancellor Alistair Darling said he was introducing a special 10%
tax rate for the first Pounds 1 million of qualifying gains.
Mr Darling introduced a flat rate 18% rate in his first Pre-
Budget Report last year - ending tapered relief down to 10% for some
business assets.
But the move provoked a furious response from business leaders
and after months of consultations Mr Darling announced his change to
MPs.
Shadow chancellor George Osborne dubbed the announcement a
"humiliating retreat" for the Chancellor's "one big idea".
Mr Darling told the Commons: "Following ...