Cameron expresses support in CGT fight

News Article - 27 November 2007
Category: Business

Conservative party leader David Cameron has announced that business leaders have his full support in their ongoing protest against capital gains tax (CGT) reforms.

The politician told a Confederation of British Industry (CBI) conference that the Labour government is "on the rocks" and that the proposed 18 per cent flat CGT rate, replacing the current system of taper relief, is an "ill-conceived attempt to burden entrepreneurs".

He announced that the Conservative party is with the industry "every step of the way" and that should they come into power, they had plans to simplify tax systems and reduce the headline rate.

Mr Cameron claimed the country is experiencing "considerable economic anxiety and uncertainty" under the Labour government and that any CGT reforms should "make the UK a better place to be an entrepreneur".

According to John Cridland, deputy director-general of the CBI, abolition of taper relief will "trample on the spirit of enterprise".

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