The CBI has warned the chancellor that the economy, and hundreds of thousands
of small businesses, were at risk following changes to capital gains tax
announced in the pre-Budget report.
letter to chancellor Alistair Darling, CBI director-general Richard
Lambert said the organisation had ‘deep concerns’ about pans to introduce a
flat-rate capital gains tax regime.
‘By removing taper relief you have deployed an extremely blunt instrument
that will deeply damage a much wider community, and in so doing, risk the
medium-term health of our economy,’ the letter stated.
Lambert added that the estimated increase in tax take from the changes,
£900m, came at a time when companies were considering whether to continue to
base themselves in the UK, and the government’s own forecasts point to a more
uncertain economic climate.
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