(Except clauses 3, 5, 6, 15, 21, 49, 90 and 117 and new clauses amending section 74 of the Finance Act 2003) - Schedule 2
Finance Bill
1:30 pm
Jane Kennedy (Financial Secretary, HM Treasury; Liverpool, Wavertree, Labour)
I will look into the point that the hon. Gentleman raises. The information that I have has already been published, but I will see if there is more that I can share with the Committee in the spirit of being helpful.
The hon. Member for Dundee, East raised concerns about people holding share options. He feared that they might face different capital gains tax rules. We are focusing new relief on entrepreneurs, as we will discuss shortly. The tax paid by people with options will depend on their personal circumstances. It could have been as high as 40 per cent. under the previous regime. The highest that it could now be is 18 per cent. We think that it is right for someone with large share options to pay some capital gains tax.