In a statement in the House of Commons on 24 February, the Chancellor of the Exchequer, Alistair Dar...
In a statement in the House of Commons on 24 February, the Chancellor of the Exchequer, Alistair Darling, brought relief to entrepreneurs threatened by changes to the capital gains tax regime, but still had no clarity to offer the offshore life industry. Darling announced that with effect from 6 April, a 10% rate of CGT - instead of the new flat rate of 18% - will apply to the first £1m a year of qualifying gains by an owner, officer or employee with more than a 5% stake in a business. Shadow Chancellor George Osborne said that Darling had "dithered and delayed" for four months since th...
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