There really are some truly amazing photographs of George Osborne on the web. This one is nearly as good as the one I used when I spotted a hole in the sole if his shoe in Manchester last September.
When the last Government raised the rate of Capital Gains Tax to 28% I was a very vocal critic. The minmimal Entrepreneurs' Relief that followed was a bit of a joke and I remember the Daily Telegraph quoting me at the time as saying, "Thank you Alastair, you've really made my day!".
Fortunately, the Coalition Government saw sense and have raised the limit to a much more meaningful £10m threshold for the lower 10% band to apply, but to me there has always been a problem with this. It is not just the owner of a business who makes it successful and the tax regime has to date only favoured business owners.
I felt that my dedicated staff who have share options should also be able to benefit from this reduced tax rate, but as things stood they would pay 28% and I would only pay 10%. Given that the amounts the high rate would apply to would be generally relatively smaller, this seemed very unfair.
Just after David Cameron came to power, he visited Leeds and I asked him about this issue. He didn't get it and just answered that he thought it was right people should pay tax. I agree with him here, but what I don't agree with is the imbalance and injustice of the two tax rates.
I had another crack at George Osborne in Manchester last September. I am pleased to say that I got a bit further here with George acknowledging the problem and understanding it.
It looks like George has now done something about this, announcing in the Budget that all holders of EMI share options will qualify for Entrepreneurs' Relief.
So George, thank you for listening!
PS. I think the cap on income tax reliefs is going to impact badly on charities, so George, if you are reading this, please exempt gifts to good causes.
We asked the same question at the panel session on day 2. Only two hands were raised. 98% unhappy with their bank.
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