CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. CIOT Recommends Year's Delay Before New CGT Enforcement

CIOT Recommends Year's Delay Before New CGT Enforcement

by Jason Gorringe, Tax-News.com, London

16 December 2007


The Chartered Institute of Taxation (CIOT) has recommended that any changes to Capital Gains Tax (CGT) should not come into force until April 2009 and that, in the intervening period, a full consultation on the proposals is carried out.

This will enable entrepreneurs to plan their affairs with a greater amount of certainty and make decisions for commercial reasons instead of solely for tax reasons.

The CIOT believes this is the only alternative to the further uncertainty caused this week by the statement in the House by the Chancellor, Mr Alistair Darling, on CGT.

Mr Darling confirmed that he will not make any decisions on further changes to the CGT proposals until he is ready in the New Year.

Rob Ellerby, CIOT President, says: “The CIOT is deeply concerned that this puts many small businesses and individuals in an extremely difficult position. All businesses and individuals want to be able to plan their tax affairs with a degree of certainty. Any entrepreneur considering disposing of their business now has scant idea of the tax implications if the sale is after 5 April 2008.”

The CIOT believes that the current uncertainty means that some entrepreneurs may accelerate business sales for tax reasons instead of for commercial reasons.

Rob Ellerby adds: “The problems highlighted are due to the failure to consult on this whole area prior to making the initial announcement in the Pre-Budget Report.”


To see today's news, click here.

 















Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »