Business owners look to leave UK if Budget contains capital gains tax rise

Nearly half of 500 business owners with turnovers of £5m upwards said they would consider moving their business abroad ifLabour has ruled out increasing the main rate of corporation tax above 25 per cent and has pledged to freeze headline rates of VAT, income tax and national insurance contributions for “working people”.

CGT is currently charged at between 10 per cent to 20 per cent on the gain from selling a business, compared to the 20 per cent to 45 per cent rates levied on income. Mr Tallon said this was a “clear message” that adverse changes to taxes such as CGT rates would have a direct effect on the investment decisions that business owners make in the UK.

In a further blow to Rachel Reeves, the research also found that if higher CGT rates are introduced in the Budget, this would deter 46 per cent of business owners surveyed from starting a new business.

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