Personal tax: CGT concessions for savers

Personal tax: CGT concessions for savers

David Cameron has indicated that the Government may offer CGT concessions to savers who hold assets for a number of years. The Financial Times (6 June) reports that the Prime Minister is trying to find a balance between raising the rate of CGT on non-business assets a key demand of the Liberal Democrats and ensuring that the Government does not 'punish people who want to do the right thing and save'.

Miles Templeman Director General of the Institute of Directors said: 'The more we look at the CGT increase the more we can see that it will directly penalise many thousands of people who cannot be described as rich … A generous taper relief would support long-term investment. If that is not introduced then a broad definition of the business assets that will be protected from the increase...