The government’s reputation is being damaged enormously over the delay on a final decision over capital gains tax (CGT), according to a member of the CBI.
Richard Lambert, director-general of the Confederation of British Industry, has also told the government to speed up their announcement, as the April 6th implementation date is on the horizon and the UK public are still largely confused over proposed changes.
He explained: "Nobody has a clue what's going on and the problem is that this is a major part of the tax code and has a big effect on people's lives."
Last October, a flat CGT rate of 18 per cent was proposed by Alistair Darling along with the removal of taper relief altogether.
But industry protests that these changes would prevent enterprise and investment forced Mr Darling to delay his decision till the second week of January so that he could take these concerns into account .
The CBI had previously suggested that any changes in capital gains tax be delayed for at least five years.
CBI Urge Government To Make Final Decision On CGT
Thu, 17 Jan 2008
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