Chancellor Alistair Darling came under heavy criticism yesterday by Richard Lambert, head of CBI, who said the ‘complete confusion’ caused by his handling of the Capital Gains Tax (CGT) reforms was causing ‘enormous damage’ to the reputation of the Government.
‘Nobody has a clue what's going on and the problem is that this is a major part of the tax code, has a big effect on people's lives and the clock is ticking because by April 6 people are going to have to make major decisions about whether they think they are going to pay more tax or not,’ he said.
The prolonged delay in announcing a revised scheme has led to speculation the CGT reform might be delayed by a year, according to the Financial Times, something the Treasury denies that outright.
Government insiders say they do not expect a decision this week, while leaving open the possibility it could come next week after Mr Brown returns from a visit to Asia.
Further reading:
Small business in final CGT plea
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