Darling seen to soften stance on CGT changes

Chancellor Alistair Darling was seen to soften his stance on capital gains
tax changes (CGT) in the face of mounting criticism from business when he
appeared before the Treasury select committee yesterday.

Although he was determined to press ahead with his a single 18% CGT rate in
April, he said he was happy to work with business groups to explore ways of
easing the blow with other measures to help businesses, particularly
entrepreneurs and business owners facing retirement.

That improvement could take the form of ‘marginal’ changes to the new CGT
regime – such as relief on business assets – or a broader tax break to help
business more generally, government insiders told

reported that, when asked by Michael Fallon, treasury spokesman, if he was
ruling out a rethink in response to business concerns, Darling said: ‘They have
raised a number of issues. I said of course I will work with them there.’ Fallon
retorted: ‘So that’s no . . .’

Further reading:

ICAEW calls for ‘more thought’ on CGT changes

Darling ‘did not rush through’ PBR tax changes

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