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Chancellor delays CGT announcement until New Year

18/12/2007  10:38:40



The chancellor Alistair Darling has announced that he will not announce his final decision on the controversial capital gains tax reforms until the New Year.

Mr Darling had previously said he would make an announcement about the abolishment of capital gains tax taper relief before Christmas at a speech delivered at the Confederation of British Industry (CBI) conference last month.

But speaking in the House of Commons last week, the chancellor said that due to a wide range of recommended changes by leading company directors and business groups, he would not be in a position to reveal his decision until the New Year.

Mr Darling has been criticised by some company directors and lobby groups who say his indecision adds confusion and uncertainty to business owners.

John Wright, national chairman of the Federation of Small Businesses, said: "We are still no clearer on what will happen with the tax arrangements for millions of small business owners and entrepreneurs come April next year.

"This is not a good situation to be in and one that we had hoped would be resolved by now."

If implemented, Mr Darlings reform will bring an 18 per cent rate of capital gains tax across the board, which means a big tax rise for companies currently paying at the rate of ten per cent.

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