Darling announces no change in CGT rate
Chancellor Alistair Darling has announced that there will be no increase in the rate of capital gains tax.
Following speculation that the chancellor of the exchequer would use today’s Budget to see an increase in CGT to bring it more closely into line with increased income tax rates, he said that there would be no change in the rate.
Darling also announced that an increase of the CGT relief rate for entrepeneurs and a doubling of the investment allowance for start up businesses.
He also said that business rates would be cut for one year from October, meaning reductions in payments for 0.5 million small businesses and Darling also confirmed changes to personal tax rates trailed in November's pre-budget report including the new 50% top rate of tax on incomes above £130,000 per annum.
Economy
The Chancellor expects the economy to grow between 1% and 1.5% in 2010. His forecast for 2011 has been reduced to growth of between 3 and 3.5%.
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