Private investors seeking to take profits on shares and property while the capital gains tax (CGT) rate is still 18 per cent – and business owners hoping to pay only 10 per cent on sale proceeds by using “entrepreneurs’ relief” – have between three months and a year to do so, tax advisers believe

In the Budget, the chancellor maintained the main rate of CGT at 18 per cent, even though income tax on earnings of more than £150,000 will rise to 50 per cent from April 6.

An effective cut in CGT for business owners was also introduced, through a surprise doubling of the entrepreneurs’ relief from the first £1m of qualifying gains over a lifetime, to £2m. Gains from the sale of businesses that qualify for this relief are taxed at a lower rate of 10 per cent – so accountants estimated that the change could result in additional tax savings of £80,000 for business owners and major shareholders claiming relief on £2m.