Conservatives' Cameron challenges Darling to abandon 'ill conceived' CGT plans |
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Tue, 27 Nov 2007 11:12
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LONDON (Thomson Financial) - David Cameron called on Chancellor Alistair Darling to 'abandon his ill conceived plans' for capital gains tax reform, as the Conservative party leader announced a string of business policies the Conservatives would bring in, including a cut in headline corporation tax.Cameron, speaking at the annual conference of the Confederation of British Industry, said the Conservatives would continue to oppose Darling's plans for CGT reform.'If the Chancellor fails to abandon or radically alter his approach we will fight this tax change all the way,' he said.'The best thing is for him to stand here and admit his mistake and abandon his ill conceived plans,' he added.Darling is due to speak at the CBI conference at 12.30 GMT.The government's proposed reform of capital gains tax would bring in a flat rate of 18 pct from April next year, replacing the current system of taper relief, where the tax rate for selling on business assets falls to 10 pct from 40 pct after two years.alex.brittain@thomson.comrar/jlcCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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UK's Darling intends to go on with flat capital gains tax of 18 pct 