Osborne 'looking at' CGT concerns

by Morag Lyall

Chancellor George Osborne has been said to be looking at ways in which the government can "take the sting out of" capital gains tax (CGT).

Speaking on the Andrew Marr Show, work and pensions secretary Iain Duncan Smith said that the chancellor is "listening" to concerns raised over the CGT rise.

It was announced last week during the Queen's Speech that CGT would rise to similar levels as interest rates.

Although no level has been set, it is widely expected that the rate could increase from the current 18 per cent to as much as 40 per cent for non-business assets.

This would affect people who have second homes and landlords with buy-to-let properties and tenancy agreements.

However, Mr Duncan Smith urged that there would be "major exemptions" to certain criteria.

He added: "The chancellor has talked about major exemptions for all sorts of different groups, because we don't want this to harm entrepreneurs, we don't want to harm families that are heading towards retirement who have actually saved."

Published on: June 1, 2010

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