SFA wants reduction in capital gains tax

The Small Firms Association (SFA) has urged the Government to bring capital gains tax (CGT) back down to 20%.

The group is also seeking a three-year 10% rate for the disposal of sites with planning permission.

In a pre-Budget submission, the SFA argues that an overhaul is needed on the current 33% rate to boost investment.

They also said that it has been shown over the last 20 years that when the CGT rate drops, the Exchequer benefits due to a surge in activity.

It calls the proposed move a "win-win" as a result.

Eight years since recession hit, the SFA also makes the case that SMEs are still hurting, and that "many small businesses are still waiting to feel the upturn".