ACS

ACS has welcomed the Government’s changes to its plans to reform capital gains tax (CGT).

In last year’s Pre-Budget Report the Chancellor Alistair Darling announced a flat rate of CGT at 18%, abolishing taper relief and leaving many small business owners facing massive tax rises from April this year.

Following pressure from ACS and other groups, the Chancellor today outlined revisions to those plans, which will give entrepreneurs a 10% rate on the first £1 million of gain.

ACS Chief Executive, James Lowman said: “We are pleased that these revisions have been made as it shows that the Chancellor is listening to and considering small businesses when making important decisions that directly affect the c-store sector."