Interesting to meet George Osborne, shadow chancellor, a few weeks ago. (I would have posted this much earlier but have been off games with some rubbish virus.) Now that Darling’s new CGT regime is going ahead (with quite a few successful entrepreneurs selling out just in time), we asked Osborne whether he would reverse the changes. Here are the relevant extracts from Peter Curtis’ excellent summary of the conversation. The full story can be found in the current edition of the CBI magazine Business Voice. "It doesn’t strike me as a good regime and it also strikes me as a very high rate relative to our competitors," he says. But rather than outline any specific pledges, he says that he intends to consult with business before making a decision. "I’d rather do the reverse of what the government did and really engage with the business community, find out what changes to the capital gains tax regime they would like to see, and when the Budget comes look at what can be afforded. "The question is, after a brand new system has come in in April, do businesses want that to be overturned two years later? If they are clear that they want a taper relief system, we’ll look very carefully at reintroducing one."Consultation? Pah. So, maybe, in two or three years’ time, if the Conservatives have a working majority, they will ask whether you would like to pay less CGT on the sale of your company. Then there is the "what can be afforded" get-out clause. I suspect that Osborne, if he ever gets the keys to Number 11, will face so many other issues that this is one that will come well down his list of priorities. The challenge for business lobby groups is to keep the Conservatives honest on this one.
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.