Cameron quizzes Brown over CGT

Leader of the Conservatives David Cameron has closely questioned the prime minister over the government's changes to capital gains tax (CGT) rules.

He put pressure on Gordon Brown to outline a clearer plan over what the future plans for the tax will be in parliament yesterday (January 9th), Accountancy Age reports.

In response, Mr Brown said that further details would arrive "in due course", going on to retort: "Why did the Conservatives have 18 years of not reducing the rate of CGT?"

Chancellor of the exchequer Alistair Darling announced changes to the rules for CGT in October last year, scrapping taper relief in favour of one flat rate of 18 per cent.

However, following widespread criticism from various business groups of the move, the chancellor said that he would not decide on a definitive change until this year, prompting speculation of a possible u-turn over the proposed amendments.