Small business to meet Treasury over CGT reforms

Date: 15th January 2008

Treasury officials will hold discussions with small business owners this week, in what could be their last chance to voice opinion about the proposed changes to capital gains tax (CGT) payments.

According to the Daily Telegraph, small business representatives will visit the Treasury on Wednesday (January 16th), with the industry preparing itself for an announcement on CGT from Alistair Darling by the end of the week.

The business owners will discuss ways of reducing the impact of an increase in CGT, which is set to rise from ten per cent to 18 per cent as part of a new system proposed by the chancellor last year.

Speaking to MPs in December, Mr Darling said that it was "desirable to have further discussions with those groups [trade bodies] before I finalise my proposals".

He has come under increasing pressure to confirm his plans since then, with Conservative leader David Cameron asking for information about the CGT changes in parliament last week.

Several small business groups have also publicly called on the chancellor to finalise the new CGT system.