Capital gains tax changes

What's all the fuss about CGT? In his maiden pre-Budget report in October 2007, Chancellor Alistair...

What's all the fuss about CGT? In his maiden pre-Budget report in October 2007, Chancellor Alistair Darling announced reforms to the capital gains tax system in line with the Government's stated aim of a fairer tax system for all. Broadly speaking, CGT would be reduced from its present top 40% rate to a flat rate of 18% on all crystallised gains above the annual allowance of £9,200. Surely that's good news? Yes and no. It obviously represents a substantial reduction in the headline rate, but it goes hand in hand with the removal of certain reliefs and allowances, so it has not been ...