The heads of the
Chambers of Commerce,
Federation of Small
of Directors say the impact of chancellor Alistair Darling’s decision to
abolish capital gains tax taper relief ‘will be felt throughout the economy’ by
‘discouraging longer-term investment and risk-taking’.
‘Owners of small enterprises…are now faced with selling up before April or
facing a substantial dent to their investment,’ the letter said. ‘The 1.7
million ordinary employees who are in company share schemes could also face an
80% increase in their tax bill and a serious disincentive to taking up and
retaining share options in the future. Business angels and venture capital funds
say they too will be discouraged from taking risk and investing for the long
Their letter to Darling follows an open letter by Richard Lambert, CBI
director-general, last week, attacking the proposal for putting hundreds of
thousands of small businesses at risk.
The business groups plan to meet the chancellor to understand why he made his
surprise decision and work with him to resolve the issue.
"The whole idea of HMRC officials supplying confidential information about individuals to the media on a non-attributable basis is, or should be, a matter of serious concern," say Supreme Court judges
UK-based non-doms have paid ten times more tax than the average taxpayer, raising concerns over the Brexit impact on non-dom contributions and therefore, the economy
A senior MP has questioned the impact of HMRC’s decision to undertake yet another radical overhaul of its internal structure
The Apple Tax situation; Accountants replaced by robots; and The Accountancy Age Top 50+50; all discussed by head of editorial Kevin Reed