Analysts slam Budget CGT confirmation

Chancellor Alistair Darling made concrete the controversial abolition of taper relief and the introduction of 18pc flat rate for capital gains tax (CGT). This was offset only by the introduction of a new entrepreneurs' relief, meaning that the first £1m of gains in a lifetime will be taxed at an effective rate of 10pc. The Association of British Insurers (ABI) attacked the Government over a perceived lack of consultation over the effect of the CGT changes which it said has caused confusion and uncertainty for savers and the insurance industry alike. The ABI has been lobbying the Gov...