UK Money News
3rd March 2008
Pressure grows for CGT delay
The government is coming under growing pressure to delay proposed changed to capital gains tax (CGT) arrangements.
There is particular concern about members of employee share ownership schemes, with the representative body ifs ProShare warning that thousands of people could lose out.
Spokesperson Fiona Downes said anyone without access to proper financial advice or a sound understanding of tax law could end up falling foul of the new arrangements.
"The argument that these 270,000 employees can simply utilise their CGT allowance in a tax efficient manner is difficult to reconcile when you consider the general level of financial capability in the UK," she said.
"Whilst businessmen, entrepreneurs and private equity specialists may well be able to undertake complex financial arrangements to avoid or minimise their CGT payments, the average supermarket check-out operative or shop worker may not be so well equipped to be able to make such arrangements and it is precisely these types of employee who will be affected by the proposed changes."
Business leaders have also called on the government to delay changes to CGT to give people affected by them an opportunity to prepare themselves.
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