TaxCorporate TaxTreasury in crunch CGT meeting

Treasury in crunch CGT meeting

Andy Burnham to meet the CBI and the Institute of Directors for final time before plans are announced

Treasury ministers are to hold a final consultation with business today over
the controversial plans to reform capital gains tax.

The chancellor Alistair Darling is due to unveil plans for the tax tomorrow,
it is thought.

Andy Burnham, the chief secretary to the Treasury, is meeting the CBI, the
Institute of Directors and others,
the
FT reported
.

The plans entail ditching the current system of taper relief, indexation
allowance and different rates for one single 18% rate.

David Frost, director-general of the British Chambers of Commerce, said: ‘The
concern is that this is all about a great tax take from business. This has never
been about simplification – this is about the intention to raise £900m. Looking
at the awful state of the public finances…they’re clearly scrabbling around to
see where the money [for concessions] is going to come from.’

Read
the FT story: Final Showdown on CGT Reforms

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