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Will David Cameron perform a U-turn on capital gains tax?

David Cameron is this evening under major pressure to amend his plans to increase capital gains tax from 18% to anywhere up to 50%. It is unclear whether at this point in time the coalition government is taking notice of Conservative backbenchers who are up in arms about the position taken up by the government regarding capital gains tax.

There is no doubt that the Liberal Democrat party has taken the upper hand regarding capital gains tax and many Conservatives are concerned that David Cameron has "sold out". Whether or not this is the case is debatable but there is no doubt that David Cameron would not have increased capital gains tax from 18% to anywhere up to 50% if he had held a majority himself. As a consequence, this is the first real challenge to the coalition government and the challenge is coming from within the parties and from a growing number of MPs.

It is difficult to see how David Cameron can oblige those who are against the increase in capital gains tax while also retaining his authority within the coalition government. There is also the fact that various elements of future taxation and future regulation would have been agreed prior to the coalition arrangement and there is speculation that an increase in capital gains tax may have been one such element.

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