Tory 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.”

Related Articles

Watch out when winding up

Corporate Tax Watch out when winding up

2m Emma Rawson, ATT Technical Officer
How might Brexit affect UK tax policy?

Brexit & Economy How might Brexit affect UK tax policy?

2m Santhie Goundar
Corporation tax losses – your newly flexible friends

Corporate Tax Corporation tax losses – your newly flexible friends

5m Emma Rawson, ATT Technical Officer
HMRC large business tax enquiry duration rises to 3 years

Corporate Tax HMRC large business tax enquiry duration rises to 3 years

5m Emma Smith, Managing Editor
SMEs paying higher rate of corporation tax than big businesses

Corporate Tax SMEs paying higher rate of corporation tax than big businesses

5m Alia Shoaib, Reporter
Big names, little tax: Airbnb, Facebook, Kellogg’s, eBay

Corporate Tax Big names, little tax: Airbnb, Facebook, Kellogg’s, eBay

8m Alia Shoaib, Reporter
New trading allowance: simplicity, but not as we know it

Administration New trading allowance: simplicity, but not as we know it

8m Emma Rawson, ATT Technical Officer
EU divided over radical tax reforms targeting tech giants

Corporate Tax EU divided over radical tax reforms targeting tech giants

9m Alia Shoaib, Reporter