“Surprise, surprise, Alistair Darling has made a u-turn on Capital Gains Tax. And as per usual, there was no consultation with businesses large or small. But that’s not what bothers me.
In a nutshell, the ‘Entrepreneur’s Relief’, which was announced on January 24th 2008 (relief….really??) means that people will pay just 10% on the first £1 million of capital gains. This is a serious u-turn following October’s announcement that plans were afoot to impose a single flat rate of 18%.
So what do I think of this?