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Lib Dems outline plans to raise capital gains tax
by Alex Steger on Aug 13, 2013 at 08:20
The Liberal Democrats have proposed an increase in capital gains tax and invited party members to vote on the return of the 50p income tax, according to the Financial Times.
The current capital gains tax rate is 28%, however the Lib Dems have drawn up plans under which this would rise to either 40% or 45% depending on an individual’s income tax rate.
The FT reported that individuals would also see a cut in their tax-free capital gains allowance from £10,900 to just £2,000, under the Lib Dem proposals.
The paper reported that the plans had been drawn up by the party’s ‘tax working group’ which includes education minister David Laws, Chris Saunders, who is economic adviser to Nick Clegg (pictured), and backbench Treasury spokesman Stephen Williams.
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