Business
Speak out on CGT rise, urges BPIFstevenkiernan, 1 November 2007Be the first to comment on this article The BPIF has urged business owners and shareholders to contact it with their concerns over the governments plans to reform Capital Gains Tax. Chancellor Alistair Darling has refused to reconsider his controversial proposals to introduce a new 18% flat rate for CGT from April 2008 and abolish taper relief, despite industry criticism that he will “stifle innovation Darling’s plan, unveiled in his Pre-Budget Report on 9 October, was described as “a bolt from the blue” by the British Chambers of Commerce, Confederation of British Industry, Federation of Small Businesses and Institute of Directors. The organisations argued that the policy change would increase business’s tax bill by 80%. They also fear lack of investment from business angels and disinterest in share retention. However, when questioned in the House of Commons a week after proposing the change, Darling reiterated it was “the right thing to do”. Businesses can currently claim tax relief of up to 40% on assets held for more than two years. • To register your views, contact BPIF public affairs executive Bob Toal on 020 7915 8319 or bob.toal@bpif.org.uk Speak Your Mind |
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