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Darling hints he may compromise over proposed changes to capital gains tax Sector: What the papers say UK - Alistair Darling signalled that he might compromise – a little – on changes to capital gains tax announced in his pre-Budget report last month. Speaking at a Confederation of British Industry conference, the Chancellor defended his reforms but hinted that he may be willing to make alterations to the new regime, which is due to come into effect in April. "I know my proposals to introduce a single rate of capital gains tax have been controversial. That was inevitable," he said. "We are working with the CBI and other business organisations to listen to what you have to say. I expect to publish final proposals in the next three weeks." Pointing out that the new flat CGT rate of 18 per cent was half the level it was 10 years ago, and "among the most competitive in the world", Mr Darling nonetheless told delegates: "I understand entirely when people say that simplification will not help." The most likely changes are thought to be on retirement relief and
for small businesses. The principles and rates Mr Darling has set
down for CGT will most probably stay. More welcome to business was a review of health and safety laws the Chancellor announced. Mr Darling also defended his management of the Northern Rock crisis and the loss of child benefit data. |