Splits in business ranks over CGT proposals

Splits have appeared among leading business groups in their fight against chancellor Alistair Darling's capital gains tax (CGT) changes as the Institute of Directors (IoD) lobbied Treasury officials this week separately from other members of the alliance with its own proposed amendments, said to include a compromise 16% rate.

Miles Templeman, director general of the Institute of Directors, told The Business magazine that, although there was merit in the trade bodies maintaining a united front, IoD would submit its proposals independently.

The CBI and the British Chambers of Commerce are preparing separate submissions, which they plan to present by the end of the month, while the Federation of Small Businesses does not expect to reveal its proposals to the Treasury until late December.

The Treasury is understood to be surprised by the approach after the chancellor had given the trade bodies the option of submitting their plans together.

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