News Article - 25 October 2007
Category:

The Institute of Chartered Accountants in England and Wales (ICAEW) has called for the government to delay its plans to change the current capital gains tax (CGT) system.

In his pre-Budget report, chancellor Alistair Darling announced that after April 6th 2008, CGT would be imposed at a flate rate of 18 per cent.

However, Frank Haskew, head of tax faculty at the ICAEW, said that the proposal "requires more thought" and a number of other factors need to be taken into consideration.

"Further measures need to be taken so as to ensure fairness, that the specific issues faced by businesses are addressed and that the reasonable expectations of taxpayers are preserved," he remarked.

The ICAEW called for the plans to be deferred until a later date in order to allow taxpayers to prepare for the changes and said the government should consider introducing an exemption for smaller businesses.

Earlier this week, the Confederation of British Industry and representatives from a number of other organisations met with Mr Darling to express their concern over the new CGT proposals.

Article keywords:

---

More industry news

• Think tank warns UK may have already slipped back into recession
• Growing demand for HR staff in technology and international sectors
• Boosting business growth a ‘priority’ to avoid Eurozone slowdown
• HMRC launches alternative disputes pilot scheme this week
• December employment statistics disregard gloomy recruitment predictions
• Eurozone manufacturing PMI shows modest improvement
• UK scores highly for economic governance by ratings agency
• Government launches two-year project focusing on manufacturing sector
• Burden of regulation on UK businesses ‘too high’

Back to news home page »