Government announcement on CGT simplification welcomed

The Government’s change of direction enabling more debentures to qualify for business assets taper relief has been welcomed by The Chartered Institute of Taxation. Simon McKie, chairman of the CIOT’s Capital Taxes Sub-Committee, said: ‘We’re pleased to see that the Government has listened to our representations and removed the artificial distinction between securities for business asset taper relief and other purposes. One definition brings far greater clarity to an important area of taper relief legislation. The change will make it much easier for businesses to plan for the future’.