Posted: 23 October 2007
Issue: Online only
Categories: Update, News, CGT

Related articles:

The Government will not be reversing its plan to withdraw taper relief, despite 'constructive' discussions between the Chancellor and leading business organisations

Alistair Darling met with senior members of the CBI, the Institute of Directors, the British Chambers of Commerce and the Federation of Small Businesses after they published an open letter objecting to mooted changes to capital gains tax.

From April next year, an 18% flat rate will replace CGT's current sliding scale in what the Treasury calls a 'simplifying measure'.

The removal of taper relief, announced in the recent Pre-Budget Report, was criticised by the four industry bodies in their letter for 'discouraging longer-term investment and risk-taking'.

It is understood that all those present at the meeting, including Mr Darling himself, have agreed to further consider ways in which entrepreneurship can be encouraged.

BCC director general David Frost said: 'The Chancellor has agreed to work with business on measures to stimulate enterprise in the UK and seek ways to find a way forward on their issue of CGT'.

Share this page

• Add new comment
• Printer-friendly version