CGT changes will 'reduce workload' of accountants
23 October 2007 17:01
The recently announced capital gains tax (CGT) changes will reduce the workload of accountants, it has been claimed.According to comments made by chancellor Alistair Darling, the recently announced simplification of CGT will reduce the amount of advice required by taxpayers from accountants.
The changes were announced during this year's pre-Budget report on October 9th.
Although the reforms have been criticised, with claims by the shadow chancellor George Osborne they will be bad for small to medium-sized enterprises, according to Mr Darling, the 18 per cent rate will enable those selling businesses to retain a total of 82 per cent of their capital gain.
"The change that we announced is the right thing to do. It simplifies the tax system, which will bring long-term gains to our economy," said Mr Darling in the House of Commons.
"[CGT] is paid by a comparatively small number of people and the allowance does protect the people whom I am sure everybody in the house would like to support," he added.
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