Business takes Chancellor to task

Business leaders met with the Chancellor Alistair Darling on Monday to discuss their concerns over planned changes to capital gains tax which will increase from 10 per cent to 18 per cent next April.

As reported in Optician, (News, October 19), four of the biggest business lobby groups - the CBI, British Chambers of Commerce, Institute of Directors and Federation of Small Businesses - are opposing the decision to abolish taper relief on the tax, announced in Darling's Pre-Budget Report. They argue that the change will hit small businesses and entrepreneurs rather than the private equity firms it was designed to target.