Lib Dems to raise capital gains tax

The Liberal Democrats have said they will cut the taxes of 29m working people in 2016 if they remain in Government report Harris & Co accountants Northampton #accountantsnorthampton. Nick Clegg said no-one would pay tax on the first £11,000 of income from April 2016, a £1,000 rise on current limits. The Lib Dem leader said the measure would be paid for by increasing CGT from 28% to roughly 35% and further measures to clamp down on corporate tax avoidance. Under his plans, tax paid on the profits of share sales and second home transactions would be aligned "more closely" with income tax, raising "hundreds of millions of pounds". The income that can be made before CGT kicks in would also be slashed from £10,900 to about £2,500. The Lib Dems also said they would change entrepreneurs’ tax relief which currently allows people to pay 10% CGT on the sale or closure of their business.