News - Midlands
CGT a smorgasbord, says E&Y Midlands man
Reflecting on Budget changes to Capital Gains Tax (CGT), Chris Sharpley, head of tax at Ernst & Young in Birmingham, said: "Today’s changes produce a smorgasbord of a CGT system, with 10 per cent, 18 per cent and 28 per cent rates and no relief for inflation.” On the increase of entrepreneurs’ relief from £2m to £5m of gains, Sharpley said: “This will go some way to help entrepreneurs, but will put increased pressure on who qualifies for relief.” Craig Simpson, head of taxation at RSM Tenon in the East Midlands, said: “For local businesses the staged reduction in the main rate of corporation tax from 28 per cent to 24 per cent by 2014 is welcome.”