TaxCorporate TaxTory rebels criticise CGT tax moves

Tory rebels criticise CGT tax moves

MPs break ranks to attack proposed rise in capital gains tax on non-business assets

Tory rebels have refused to toe the party line and criticised the proposed
rise in
capital
gains tax
announced by the coalition government.

John Redwood said two dozen MPs and peers were against the Lib-Cons’ raid on
non-business assets, which would see the level of CGT rise from 18% to possibly
40% or 50%.

With the emergency budget coming up on 22 June, the group has already drawn
up an alternative plan to the CGT hikes.

Redwood who is the chairman of the Conservatives Economic Competitiveness
Policy Group told the
Daily
Telegraph
: “If we put up CGT on enterprise, business and investment, it will
deter talent, send people abroad, put off new people with businesses coming
here, help rich accountants and lawyers with schemes to avoid it.”

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