The Treasury Select Committee has called on the Government to set out proposals for how it will mitigate the effects on small businesses of changes to capital gains tax (CGT).
The Chancellor, Alistair Darling, did not consult explicitly on the withdrawal of CGT taper relief, but had more recently indicated he is willing to discuss the reforms with interested parties. In the Select Committee’s own paper on the pre-budget report (PBR), it says the committee appreciates the advantages that will come from a simplified CGT regime, but is concerned the changes might affect long-term investment, employee shareholders and small businesses. Commenting on the paper, chairman of the Committee, John McFall, says: “Tax simplification is a desirable objective, but the reform...
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