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Combined Chambers Influence Capital Gains Tax Decision January 24, 2008

Posted by liverpoolchamber in British Chambers of Commerce, Business, Chamber Services, Policy.
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The combined lobbying power of British Chambers of Commerce has been revealed as a major influencing factor in today’s revised Capital Gains Tax announcement (BBC news story)

As you will be aware the Chancellor has announced a number of concessions in relation to Capital Gains Tax in the House of Commons today:

  • A 10% capital gains tax rate will be introduced in April on the first £1 million of gains and the 18% charge will remain on gains over this amount. This 10% rate has been called the “entrepreneurs’ relief”
  • The £1 million of gains will be cumulative over a person’s lifetime
  • The £1 million “allowance” will only be available to officers and employees of a trading company with more than a 5% share of the business. It is also available to owners of businesses that operate as sole traders and in partnerships

Whilst this is not a perfect solution, it is a major retreat by the Treasury and marks a significant victory for the British Chambers of Commerce‘s lobbying as the new relief will considerably assist thousands of Chamber member businesses.

Andy Burnham MP, Chief Secretary at the Treasury has made clear to the BCC that our lobbying had been a major factor, even as late as today, in helping shape the Government’s announcement today. Having all Chambers sign a letter to the Chancellor expressing our concern about the original proposals was extremely powerful and today’s announcement shows what we can achieve collectively.

Today’s decision reinforces the fact that when you join your local Chamber of Commerce, you really are joining the ultimate business network.

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