No seriously it really is not bad news at all, think about it this way: Yes you are looking at an 80% increase in capital gains taxes when you come to sell the start-up.
Oh and yes the CBI, the Institute of Directors, the British Chambers of Commerce and the Federation of Small Businesses are also rather annoyed about this, many comments about how the pensions of those who set the businesses up are going to be effected when the business is sold on and extra 80% tax is paid to Gordon & co.
However they miss the bigger picture, as a result of the reforms, MP's will now get a 55% tax cut on capital gains (down from 40% to 18%) when they sell their taxpayer subsidised Westminster second homes.
Come on business folk of the UK, what could be better news than that?
If you own two homes you just got a handy reduction from 40% to 18% on capital gains. Is it a coincidence that almost all MPs own two homes? The constituency and Westminster home owners already benefit from a tax-free allowance worth £40,000 annually to pay their mortgages. Now they can sell the taxpayer funded second home and only pay the reduced capital gains - a 55% tax cut for MPs.
Tags: Capital Gains Tax, Gordon Brown, Squealer
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