SUSPEND CAPITAL GAINS TAX for three years to stimulate economic growth, says former defence secretary Liam Fox.
His call for a CGT postponement came in an interview with the Times, in which he also asks for employment laws to be relaxed to make it easier to hire and fire employees.
“If we don’t take some risks, we’ll not get growth and if we don’t get growth, we’ll not get re-election,” Fox said in the interview.
The BBC’s report of his comments suggests that it is a retort against Lib Dem calls for tax increases.
Last week, chancellor George Osborne announced an easing of tax hikes for oil and gas companies. Older oil and gas fields will be shielded from the supplementary charge to petroleum revenues. The tax ‘shield’ is known as the Brown Field Allowance.
Making Tax Digital responses to the consultations expected in January 2017
Further corporation tax cuts and reliefs for cutting-edge tech businesses have been pledged by prime minister Theresa May, ahead of Wednesday’s Autumn Statement
The UK has not followed the global trend for reducing income tax over the past two decades
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