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Tories confident of CGT U-turn

The Conservatives believe there is a good chance the Government will perform a U-turn over its proposals to reform capital gains tax.

Shadow Chancellor George Osborne says the Tories will be campaigning hard for the Government to change its mind over the controversial plans due to the huge damage the reforms would do to the British economy.

Osborne says: “Although Alistair Darling has said he intends to proceed with this big increase in Capital Gains Tax, I think there is a good prospect of forcing the government into a U-turn when they see what a mistake they have made.”

The Conservatives have also published an independent report which found the CGT changes would undermine the UK’s economic competitiveness.

Meanwhile, employer organisations say they have been encouraged by meetings with Business Enterprise and Regulatory Reform Secretary John Hutton.

The British Chambers of Commerce says Hutton appears impressed by the strength of the business case that has been put to them about the damage that could be done by the reforms.

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