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In October, 2007 the Chancellor announced in that he intends to abolish taper relief on capital gains tax in April 2008, a measure which would increase the tax bills on small business owners selling their businesses to pay for their retirement by at least 80 per cent. In addition, investors in small businesses and business angels would also be hit hard.
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The Federation of Small Businesses (FSB) has proposed its own changes to the PBR and had been expecting the Chancellor to respond this month to end 'the crippling uncertainty that thousands of business owners are facing over whether to sell their businesses before taper relief on CGT is abolished in April 2008'.
Meeting
But the FSB welcomed the news that the Chancellor would again meet with the FSB and the other business organisations.
John Wright, FSB National Chairman, said: “We are still no clearer on what will happen with the tax arrangements for millions of small business owners and entrepreneurs come April next year.
“This is not a good situation to be in and one that we had hoped would all be resolved by now.
“But at least the Chancellor appears to be taking our opposition to the PBR and our proposals for changes to it seriously. I look forward to meeting him again to discuss our proposals in detail.”
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Susie Hughes © Shout99 2007
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