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Our Darling Entrepreneurs

 
John Endacott Winter Rule asks whether the new CGT rules will act as a disincentive to entrepreneurs and if so by how much
 
In the Pre-Budget Report last year a new flat rate of capital gains tax (CGT) of 18% was announced from 6 April 2008 together with the abolition of taper relief and indexation allowance for individuals and trustees as part of a simplification of the tax. The overall outcome is a return to something close to the original 1965 regime of CGT but with no retirement relief and with no differentiation between short-term and long-term gains.
 
When CGT was introduced it was at a flat rate of 30% as James Callaghan said that he thought that 'it would not be reasonable to subject a gain that may...
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