PBR - Capital gains flat rate pledge splits industry

However, concerns have emerged surrounding the fate of smaller and medium-sized firms once the new 18% flat rate kicks in. Loopholes allowing private equity bosses to pay little tax will be closed as a result of the CGT change, Darling said yesterday, ensuring those working in the sector pay a “fairer share”. Fidelity International says investors in equity funds held outside of a tax wrapper - such as a PEP or ISA - are likely to emerge as big winners from the overhaul. It points out that, under current arrangements for taper relief, higher-rate taxpayers face a minimum charge of 24%...