Darling announces CGT changes

Heavy pressure from small business has brought significant concessions from Chancellor Alistair Darling on his capital gains tax plans.
 
The revised plans announced to Parliament in January 2008, are that the first £1m of gains for small businesses will be taxed at 10% rather than the 18% announced last year. Gains over £1m will be taxed at 18%.
 
Gains made on separate occasions will also qualify for the 10% rate of taxation until the cumulative total reaches £1m.
 
This is excellent news for the majority of UK dentists who typically make capital gains of under £1m when they sell their practice. Many dentists who were having to consider selling their practice prior to April 6th 2008, now have the comfort of being able to sell at their leisure.