Alistair Darling has signalled a possible U-turn on his controversial change to capital gains tax which increases from 10 to 18 per cent next April.
There has been mounting opposition to the decision to abolish taper relief on tax announced in the Chancellor's Pre-Budget Report.
The CBI, British Chambers of Commerce, Institute of Directors and Federation of Small Businesses have attacked the decision, arguing that it will hit small businesses and entrepreneurs rather than the private equity firms it was designed to target.
Speaking at this week's CBI conference, Darling defended the move but hinted that he was 'open to suggestions' how to amend the proposals. 'I know that my proposals to introduce a single rate of capital gains tax have been controversial. That was inevitable.'
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