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A case of capital punishment

Article Abstract:

The changes to capital gains tax (CGT) contained in the UK government's 1998 Budget are designed to reward long-term investment by reducing CGT on disposals held for two years or more. The basic annual exemption from CGT of 6,500 pounds sterling has been retained, rising to 6,800 pounds sterling in the tax year 1998 to 1999. Indexation, an allowance used to adjust the difference between the purchase and sale prices of shares and unit and investment trusts by inflation, will be frozen from Apr 6, 1998. It will be replaced by indexation of the annual exemption for capital gains.

Personal Taxes-Capital Gains, Laws, regulations and rules, Personal income tax, Tax policy, Capital gains tax

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'Rising to the global challenge to provide opportunity for all.' (United Kingdom Chancellor Gordon Brown's Budget speech)(Transcript)

Article Abstract:

It is vital that the UK is in a position to meet the challenges presented by the rapidly changing world economy, according to Chancellor Gordon Brown. Weaknesses such as underinvestment and instability must be urgently addressed, and efforts must be made to enhance the country's creativity and adaptability. The government is keen to help small businesses, and for this reason has decided to cut the small companies tax rate by 2% to 21% with effect from Apr 1997. It will also allocate 3.5 billion pounds sterling to work and training schemes for the long-term unemployed.

Fiscal Policy, Economic policy, Speeches, lectures and essays, Transcript, Brown, Gordon (British politician)

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