Posted: 24 January 2008
Issue: Online only
Categories: Update, News, Entrepreneurs' Relief, CGT

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10% on lifetime profits up to £1 million

As widely expected, Alistair Darling has announced a concession to plans for capital gains tax reform.

In an effort to encourage entrepreneurship, the Chancellor has set a rate of 10% on profits up to £1 million.

The Treasury estimates that around 80,000 business owners and investors will be able to make use of this 'entrepreneurs' relief' - which will be a lifetime allowance.

Mr Darling claimed that the changes to his much-criticised CGT reforms will cost approximately £200 million per year.

For Taxation's rundown of reactions from the tax sector, click here.

The Chancellor's announcement can be found in full here.

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