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Personal tax: CGT rates

Personal tax: CGT rates

Nick Clegg told the BBC's Today programme that 'a lot of work' was being done on the 'technically complex' problem of capital gains tax reform ahead of the 22 June Budget. Clegg was asked whether the proposed increase in rates would be 'less ferocious' than had been suggested. The discrepancy between income tax and CGT rates was a 'standing invitation' to tax avoidance 'on a very large scale' he said. The principle of aligning rates was not alien to the Conservative party because 'back in the 1980s it was Nigel Lawson who said capital and income should be taxed in the same way'. Clegg indicated that the options being considered by the Treasury included some form of taper relief or allowance for inflation.

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