Capital gains tax uncertainty continues for small businesses PDF Print
Written by Sub-Editor   
Sunday, 16 December 2007
The Federation of Small Businesses (FSB) has criticised the continuing uncertainty over changes to capital gains tax (CGT), following an appearance in the House of Commons by the Chancellor Alistair Darling to reveal he would not be announcing revisions to his Pre-Budget Report (PBR) until the New Year.

 

The UK ’s biggest business organisation has proposed its own changes to the PBR and had been expecting the Chancellor to respond this month to end the crippling uncertainty that thousands of business owners are facing over whether to sell their businesses before taper relief on CGT is abolished in April 2008.

 

 

But the FSB welcomed the news that the Chancellor would again meet with the FSB and the other business organisations.

 

 

John Wright , FSB National Chairman, 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 all be resolved by now.

 

 

“But at least the Chancellor appears to be taking our opposition to the PBR and our proposals for changes to it seriously. I look forward to meeting him again to discuss our proposals in detail.”

 
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