IoD splits from CGT alliance

News Article - 07 November 2007
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The Institute of Directors (IoD) has lobbied Treasury officials separately from the other trade bodies this week with its own capital gains tax (CGT) proposal of 16 per cent.

Reported in the Business magazine, the disaffiliation suggests the alliance of leading business groups is "falling apart". The chancellor had previously given the trade bodies the option of submitting their plans together.

Other trading bodies are also said to be working on individual proposals. The CBI and the British Chambers of Commerce are planning to present their proposals by the end of the month and the Federation of Small Businesses will submit theirs by late December.

Miles Templeman, director general of the IoD, told the Business magazine that there was "merit" in maintaining a united front of the trade bodies. He did however add that the IoD would continue to lobby separately.

The British Private Equity and Venture Capital Association have previously said the government's proposed 18 per cent CGT would make the UK rate higher than France's 16 per cent, the US's 15 per cent and Italy's 12 per cent. In Switzerland there is no CGT at all.

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