"The changes to the CGT regime, which will come into effect on 6 April 2008, represent a major blow to entrepreneurs within the SME sector and are widely perceived to be at odds with this Government's stated commitment to encouraging enterprise.
 
"The Chancellor's partial climb-down with the introduction of the new entrepreneur relief goes some way, but not nearly far enough, to compensate for the impact of the loss of business asset taper relief, due to its relatively low threshold of a lifetime limit of £1 million and its restrictive conditions for eligibility.
 
"General opinion amongst our clients is that the changes are inequitable and disincentivising. In a number of cases, the impact of the changes will necessitate significant reassessment of business strategies and succession planning.
 
"The winners under the new regime are holders of non business assets including speculative investors, property investors and second home owners."