Chancellor George Osborne is due to announce a number of concessions in the planned capital gains tax (CGT) rise, including exemption for over-65s, according to The Sunday Telegraph.
The government has come under fire over its plans to raise CGT from the flat rate of 18% to 'close to' income tax rates. Conservative MP John Redwood has led the charge against the increase and has been supported by businesses and savers - particularly elderly people who have invested in property to fund their retirement.
Tory MPs met with Osborne (pictured) last week to try to cap CGT at 25%, according to the paper, and the chancellor is now looking at a number of exemptions including those for entrepreneurs and those nearing retirement.
A source close to the situation told The Sunday Telegraph that there would be 'generous exemptions'.
The reintroduction of taper relief is also being considered for long-term assets.
Redwood said: 'It seems to me clear that the best answer is to charge 40% on short-term gains and taper it down to a much lower rate for long-term gains.'
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