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Tell us whole story
ONCE again Andrew Bingham is making misleading statements by telling only half of the story on government policy.
In last week's paper he criticises the Chancellor's reform of Capital Gains Tax by saying that small shareholders receiving shares as bonuses, but owning less than 5% of a company's shares, will pay CGT at 18% instead of the previous 10% rate.
Most importantly, what he omits to say is that every individual can make up to 9,200 of capital gains each year free of any capital gains tax. This is the annual exempt (tax free) amount (the AEA), standing at 9,200 for 2007/2008 and increasing every year.
In other words very few, if any, people in employee share ownership schemes will pay any CGT at all on gains made on shares received as bonuses. In no way does the report of what Mr Bingham said give this impression. People need to be told the whole story.
Roger Cooper
Dovedale Crescent
Buxton
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Weather for Buxton
Thursday 24 May 2012
Today
Sunny spells
Temperature: 11 C to 24 C
Wind Speed: 10 mph
Wind direction: North east
Tomorrow
Sunny
Temperature: 10 C to 21 C
Wind Speed: 16 mph
Wind direction: East
