Capital Gain Tax Changes Deemed 'Complete Mess'

The Government has got itself into "a complete mess" of its own making over its proposed changes to Capital Gain Tax and the introduction of a 18 per cent flat rate. The Government needs to do more than rethink its proposed increase; it needs to do a complete u-turn, according to the Federation of Master Builders.

Brian Berry, FMB Director of External Affairs says: "The Chancellor's compromise by offering a £100,000 in tax relief to businessmen who sell up and retire really fails to understand the real needs of small businesses which need incentives not penalties to operate and succeed in today's competitive economy. The Chancellor is messing around with over 800,000 people who work in construction SMEs which helps form the backbone of the British economy and they deserve better."


Berry continued: "The simple fact is that the Government has got itself into a mess about its CGT proposals and would have been better speaking to business first rather than having got itself into the current debacle that we are all now facing."

(JM)