CGT Announcement
24 January 2008

Around 80,000 business owners and investors will benefit from a new capital gains tax "entrepreneurs' relief", the chancellor Alistair Darling told MPs today.

They will pay just 10% on capital gains up to the first £1m, instead of the 18% originally proposed when Darling first announced CGT reforms last autumn.

Darling said the concession, which will be available to owners or investors with a minimum 5% stake in a business, would cost the Treasury £200m a year.

But he was strongly criticised by the Conservatives and the Liberal Democrats who depicted the announcement as an embarrassing U-turn.

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