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 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.’