| Four of the UK’s biggest and most influential small business groups are uniting to urge Alistair Darling to change his plans to remove the taper threshold for Capital Gains Tax (CGT).
Representatives from the Confederation of British Industry (CBI), British Chambers of Commerce (BCC), Institute of Directors (IOD) and Federation of Small Businesses (FSB) met with Chancellor Alistair Darling on 22nd October to discuss his CGT policy, and the effects it will have on small businesses.
They maintain that the abolition of taper relief on CGT will damage the prospects of business owners and also of 1.7 million employees involved in company share schemes, who are now facing up to an 80% increase in their tax bill.
"The Chancellor can now be in no doubt of the views of business towards the changes he made to Capital Gains Tax in the pre-budget report," stated David Frost, Director General of the British Chambers of Commerce.
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