The capital gains tax campaign
23rd October 2007
Whereas the inheritance tax changes made by the Pre-Budget Report drew immediate comment and interest (see this post), reaction to the proposed capital gains tax changes is showing a slow but sure buildup. Is it more than a scheme to get people to sell their assets before next April, to bring in a bumper harvest of capital gains tax?
There is an internet push to influence the Chancellor of the Exchequer into another about face. Richard Tyler, in “Your Business Blog“, in the Daily Telegraph, describes some of the action. There are statements on Friction TV, which can be found here. There are at least 2 Facebook groups complaining about it.
This morning it was announced that Richard Lambert, Director-General of the CBI, David Frost, Director General of the British Chambers of Commerce, Miles Templeman, Director General of the Institute of Directors, and John Wright, National Chairman of the Federation of Small Businesses, met the Chancellor yesterday afternoon at the Treasury (see news item here). Richard Lambert said:
“Each of us set out our deep concerns over the abolition of capital gains tax taper relief, after which the Chancellor explained the background to the changes.
“Mr Darling said he would be happy to work with the four business groups to develop measures to stimulate enterprise in the UK, and that he would listen to the group’s proposals for a way forward on capital gains tax.
“We believe the Pre-Budget proposals represent a significant step in the wrong direction for the UK economy, and we will continue to press the case for them to be changed. As things stand, they will hold back vital investment in businesses of all sizes and send out totally the wrong message about the Government’s attitude to enterprise.”
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[...] The capital gains tax campaignWhereas the inheritance tax changes made by the Pre-Budget Report drew immediate comment and interest (see this post), reaction to the proposed capital gains tax changes is showing a slow but sure buildup. [...]