The Telegraph reports that entrepreneurs who have sold their business and have more than £1m worth of loan notes will have to pay the new 18 per cent capital gains tax rate.
On the one hand, this is surprising. You would have thought that given the furore that has surrounded the CGT proposals from day one, Labour would have wanted to try to get business owners back on side.
One the other hand, it’s not surprising. Taper relief was one of Labour’s most popular, pro-business policies and yet it was still abolished.
Unfortunately, a tendency to chase stupid decisions with stupid decisions is becoming a mark of this government.