It is understood the Government is set to perform an embarrassing U-turn on Capital Gains Tax (CGT), by giving up to £100,000 in tax relief for small businessmen when they retire.
Chancellor Alistair Darling had been condemned by business organisations, including the Confederation of British Industry and the Institute of Directors, following his decision to implement a standard rate of CGT and remove taper relief.However, following extensive lobbying he will bring back a system of retirement relief for when businessmen sell up and retire. It is understood up to £100,000 will be exempt from tax on the sale.
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