PHASING OUT OF RETIREMENT RELIEF FROM CAPITAL GAINS TAX

Early day motion 1394, tabled 8 June 1998 by Kerry Pollard (Labour). Signed by 150 members.

That this House acknowledges the significant contribution made to the economy by the small business sector; recognises the need actively to promote this contribution by means of appropriate policies for small and medium-sized enterprises; is aware that many small business owners rely on the disposal of their business on retirement to fund an annuity; is concerned that the phasing out of existing retirement relief from capital gains tax could have a detrimental effect on small business owners; and asks the Chancellor of the Exchequer to bring forward proposals for the new regime, and its phasing in, which would be fair to those who would otherwise be faced with a financial loss on retirement.

Signatures by party: Conservative 51, Labour 49, Liberal Democrat 39, Labour/Co-operative 7, UUP 3, Plaid Cymru 1.