Budget: CGT fixed at 18% over £1m

In his inaugural Budget speech just moments ago, Darling says while Capital Gains Tax (CGT) rate will be a flat 18%, tax for the first £1m of gains on business assets will be 10%. "And that will benefit over 80,000 businesses and investors in the next year alone – 90% will continue to pay Capital Gains Tax at 10%– one of the lowest rates in the world," the Chancellor says. Under the government’s proposal, taper relief has been abolished, while individuals will see a £400 annual exemption increase, to £9,600. Business leaders have been extremely critical of the Chancellor’s proposal, ...