Downing Street Says » Capital Gains Tax

» Friday, October 12, 2007

Capital Gains Tax

Put that the changes made to capital gains tax would harm small businesses and was any thought being given to rethinking the changes, the PMS replied that Andy Burnham had dealt with the issue that morning and as the Chancellor and the Chief Secretary had this morning made clear, the changes were a simplification of the regime, which left the UK with one of the lowest rates of capital gains tax in the world. Put that small businesses would still be worse off than before, the PMS replied that as with any reform, it affected different parts of the economy in different ways, but in overall terms this measure massively simplified the tax system, following calls from business for a less complex capital gains tax system.

Asked if it was known that it would impact badly on small businesses, the PMS said that it was known that it would be a simplification of the tax system following calls from business for a less complex capital gains tax system. Asked if it was not unintended consequences, the PMS replied that the Treasury always examined the implications of measures before decisions were taken.

1 Comment »

The CGT is an unnecessary burden on smaller businesses.

Small companies greatly help the UK economy and the changes to the CGT are like a slap in the face to this businesses who have invested a lot of time and effort into building their businesses in the UK.

I have just signed the FPB petition at http://www.fpb.org/fpbpetitions/12 which calls for action to be taken now to reverse the decision, and make the UK an attractive and competitive place to start up in business.
Comment by Amanda — 23 Oct 2007 on 10:36 am | Link

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