Budget 2010 |
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The Chancellor, Alistair Darling, will soon deliver his third UK Budget. In advance of this, PwC specialists pose some thoughts on what may be included. In the following short video Leonie Kerswill, Tax partner, looks at Capital Gains Tax.
Will CGT rise to the level of income tax?
In the Pre-Budget Report in December, the Chancellor proposed no changes to CGT. Will he be tempted to increase CGT in the Budget to secure further Government income? What will that mean for small businesses? Will businesses have to change their future plans? What will the impact be of an increased CGT rate on a client’s post tax realisations? What does history tell us about such increases? In 2008 we saw an increase in private companies considering the sale or partial exit of their business when CGT increased from 10% to 18%.
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