Alistair Darling has unveiled a concession to entrepreneurs reeling from his controversial capital gains tax (CGT) reforms.
Speaking in the House of Commons this morning, the chancellor announced the introduction of a 10% "entrepreneurs' relief" on profits worth up to £1 million made in a business sale.
Ahead of today's speech, it was suggested that a 9% tax on gains under £750,000, a move proposed by the Federation of Small Businesses, would be introduced.
Small companies expressed outrage when Darling revealed last October that taper relief, which reduces the CGT rate the longer assets are held, would be scrapped and a 18% flat rate introduced. Although the 18% rate will still come into force, the chancellor said today's move was "very much in accordance with representations from small businesses".
He claimed that 80,000 business owners disposing of companies will be eligible for the new relief next year with 90% having their entire gains taxed at the 10% rate.
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