Questioned by MPs in parliament yesterday, chancellor Alistair Darling said he intended to proceed with the changes to the capital gains tax although business is unhappy with the proposals. He maintained a single capital gains tax rate ‘was the right thing’ to do because it helped simplify the tax system.
The Association of British Insurers (ABI) is the latest business group to oppose the CGT changes. ABI told Financial Times it had sought an urgent meeting with officials from the Treasury and HM Revenue & Customs to discuss the implications. ‘We are looking very closely at the issue,’ ABI said.





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