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Thursday, January 24, 2008

Beleagured Darling Offers Concession

The beleaguered and under siege Chancellor of the Exchequer, Alistair Darling, in a desperate attempt to reprieve his Northern Wreck/CGT shattered reputation is today going to offer concessions on his less than popular plans to overhaul capital gains tax (CGT).

Darling will offer concessions to reduce the impact on business of his proposal to impose a single 18% CGT rate, in place of the 10% rate which applied to many business assets.

The concession is expected to reduce by 50% the CGT rate on profits on the first £750K of gains.

We shall see if that burnishes his rusting armour.

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