UK Chancellor of the Exchequer Alistair Darling today declared a concessionary capital gains tax rate of 10% on realisations of up to £1m (€1.3m) in a boost to entrepreneurs and promised to close “loop holes” around private equity taxation.

Darling defended, in a statement to the House of Commons, revised pre-budget proposals for a blanket 18% capital gains tax rate in the UK. However, he predicted more than 80,000 business owners would benefit from the entrepreneurs’ relief next year.