§ Investment is important for prosperity. Investment depends on capital. We want to reduce taxes on capital to encourage and reward the investment that the millions of people who work for private businesses depend on. We remain committed to abolishing capital gains tax when resources allow.
§ The starting point must be help for those who have built up their own businesses and want to be sure that they can sell up and enjoy the rewards of their own hard work in managing the business that they own. Tax relief for the owners of businesses selling up on retirement was substantially increased in 1991 and again in 1993, so that capital gains of up to £1 million now benefit from that relief. This year I am going to extend further the relief for owners who have worked hard and created their own businesses by reducing the qualifying age from 55 to 50.
§ That will reward the success of more of those who own and manage their own business. It will increase incentives for those who are going to work in their own business in the future. It is the mark of a Government who back enterprise. [Interruption.] If I repeat it often enough, the Labour party might eventually at least discover how to spell it. At the moment, it is not up to speed on it in any other way.