Brexit & EconomyPoliticsDarling rebuffs business call for CGT rethink

Darling rebuffs business call for CGT rethink

Chancellor is unmoved by mounting demand for rethink on CGT changes, insisting they are ‘the right thing to do’

Questioned by MPs in parliament yesterday, chancellor Alistair Darling said
he intended to proceed with the changes to the capital gains tax although
business is unhappy with the proposals. He maintained a single capital gains tax
rate ‘was the right thing’ to do because it helped simplify the tax system.

The Association of British Insurers (ABI) is the latest business group to
oppose the CGT changes. ABI told
Financial
Times
it had sought an urgent meeting with officials from the
Treasury and HM Revenue &
Customs to discuss the implications. ‘We are looking very closely at the issue,’
ABI said.

The Prudential said: ‘It is obviously a very complex issue and it’s important
to get clarity as soon as possible and make sure there is no detrimental impact
on our products.’

But those who are hoping for a U-turn on the issue are in for an uphill
battle as Darling stays firm. He told MPs: ‘Although I accept some people are
not happy about it, others have welcomed the proposal, and therefore I intend to
proceed with the changes.’

Further reading:

Private equity bosses happy enough with fallout from
PBR

Bipartisan stance against disliked CGT proposal

Related Articles

Financial Secretary to the Treasury on cryptocurrency, Brexit and taxing the digital economy

Brexit Financial Secretary to the Treasury on cryptocurrency, Brexit and taxing the digital economy

4w Alia Shoaib, Reporter
HMRC’s refusal to raid top Tory donor Lycamobile to be investigated by MPs

Big Four HMRC’s refusal to raid top Tory donor Lycamobile to be investigated by MPs

4w Alia Shoaib, Reporter
Spring Statement 2018: Spring has sprung as chancellor finds his inner Tigger

Budget Spring Statement 2018: Spring has sprung as chancellor finds his inner Tigger

2m Emma Smith, Managing Editor
Spring Statement live feed

Budget Spring Statement live feed

2m Emma Smith, Managing Editor
Spring Statement 2018: 5 things to look out for

Brexit & Economy Spring Statement 2018: 5 things to look out for

2m Alia Shoaib, Reporter
Financial Secretary to the Treasury on Brexit, Spring Statement, Making Tax Digital and Carillion

Politics Financial Secretary to the Treasury on Brexit, Spring Statement, Making Tax Digital and Carillion

4m Emma Smith, Managing Editor
David Davis, Secretary of State for Exiting the European Union

Brexit & Economy David Davis, Secretary of State for Exiting the European Union

4m Alia Shoaib, Reporter
Philip Hammond, Chancellor of the Exchequer

Brexit & Economy Philip Hammond, Chancellor of the Exchequer

4m Alia Shoaib, Reporter