TaxAdministrationTax, UK business’ biggest bugbear under Brown

Tax, UK business’ biggest bugbear under Brown

Tax is the biggest source of discontent among businesses in Britain under Gordon Brown’s leadership

Corporate concern over the substance of recent fiscal changes such as the
scrapping of the 10% capital gains tax (CGT) rate, has intensified by the
Treasury’s perceived failure to consult with business, according to a
Lords
finance bill committee report
.

The highly critical report cited, and supported, the ‘harsh criticism from
the private sector’ of the Treasury’s handling of the CGT and non-domicile tax
changes, the Financial Times reports.

‘Our general impression…was that this year the formulation of tax policy
has been marked by uncertainty of direction,’ the peers said.

Business is now questioning the competence of the department’s officials to
deal with the economic downturn. ‘A lot of people in the Treasury don’t know
what the hell it [a downturn] is and they’re running around like…,’ Richard
Lambert,
CBI
director-general, said last week. ‘That contributes to the uncertainty.’

Further reading:

Read
the Financial Times story

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