Darling makes concession for small business

The Chancellor confirmed that taper relief will be abolished and a flat rate of 18% will be set from 1 April. However, the Chancellor was forced to make concessions for genuine entrepreneurs and will charge 10% on gains of up to £1m. The changes were forced by business lobbies who said the changes would unfairly affect entrepreneurs and small businessmen, who previously would have to pay just 10% if they held their assets for at least two years. However, Darling has been criticised for failing to make the CGT decision clear, making it difficult for business people to plan how they will c...