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MPs call for tax reform rethink MPs call for tax reform rethink
(10 minutes later)
The government should think again about its controversial plan to reform Capital Gains Tax, a cross-party committee of MPs has urged. The government should think again about its controversial plan to reform capital gains tax, a cross-party committee of MPs has urged.
In his pre-budget report, Chancellor Alistair Darling said CGT taper relief would be replaced with a flat 18% rate.In his pre-budget report, Chancellor Alistair Darling said CGT taper relief would be replaced with a flat 18% rate.
But the Commons Treasury committee says ministers should reconsider because of the impact on small businesses.But the Commons Treasury committee says ministers should reconsider because of the impact on small businesses.
Its report argues that the proposed reforms could also have "detrimental effects" on long-term investment.Its report argues that the proposed reforms could also have "detrimental effects" on long-term investment.
Mr Darling says the changes are designed to simplify the tax regime.Mr Darling says the changes are designed to simplify the tax regime.
But industry groups have warned the changes will hit small businesses and entrepreneurs.But industry groups have warned the changes will hit small businesses and entrepreneurs.
Previously, a Confederation of British Industry survey suggested that 63% of small firms did not believe red tape would be cut and about 40% said they had altered business investment plans as a result.Previously, a Confederation of British Industry survey suggested that 63% of small firms did not believe red tape would be cut and about 40% said they had altered business investment plans as a result.
BBC business correspondent Nils Blythe said that the chancellor was unlikely to abolish the central idea of abolishing the complicated range of tax relief currently on offer.BBC business correspondent Nils Blythe said that the chancellor was unlikely to abolish the central idea of abolishing the complicated range of tax relief currently on offer.
But he added that there have been suggestions the Treasury will make some concessions to small businesses.But he added that there have been suggestions the Treasury will make some concessions to small businesses.