BCC rejects capital gains tax increase
The British Chambers of Commerce (BCC) has today stepped forward to warn George Osborne against introducing "punishing" tax rises which will hit UK economic growth. In particular the BCC is concerned about the potential increase of capital gains tax to as high as 50% which will hit many investors hard and potentially withdraw money from the UK economy in the form of additional tax revenue.
Capital gains tax is a very tricky situation for David Cameron because ultimately, without the introduction of the Liberal Democrat party to the coalition government, it is unlikely he would even have considered an increase. However, in what many believe was one of his major concessions to the Liberal Democrat party, in order to form a government, it looks as though capital gains tax could increase to at least 40% and possibly 50%.
As we move ever closer to the first coalition budget on 22 June we are seeing more and more comments and more and more advice in the press. The pressure on George Osborne is now growing although it has to be said that he has held it together so far and explained his decisions and thoughts in great detail.
Share this..
Related stories
Will the quantitative easing program make a profit?
The Bank of England is still operating the quantitative easing program with many suggesting that the £175 billion already put aside could well be increased in the short to medium term. In simple terms, the scheme allows UK banks and UK financial companies to "swap" various assets for cash in order to increase liquidity and hopefully provide a more stable base for future transactions.
Read More
Business leaders clash north of the border
There is trouble brewing in Scotland as the Scottish CBI and a group of entrepreneurs and academics (allegedly linked to the SNP) have clashed with regards to extended taxation powers for the Scottish Parliament. Despite the fact that the CBI in Scotland represents 26,000 members this group of entrepreneurs and academics is accusing the CBI of being out of touch in its reluctance to fully back the...
Read MoreRenewable Energy Will Cost UK Taxpayers
As the government stepped forward with plans for a £100 billion green energy revolution in the UK there were hopes that finally the rising cost of living would be tackled by the authorities. Surely the green revolution should see the cost of living fall? Surely this would inject some much needed competition into the energy markets with a new alternative? If only things were that simple.............
Read MoreSelf-employed 'not helped' by tax cuts
The self-employed will not be helped by the tax cuts being proposed by politicians, the Tax Advice Network has said.Chairman Mark Lee explained that the 3.8 million self-employed people in the UK will not benefit from the cuts until January 2010.He explained that this is because they do not submit their current accounts until after March of next year, meaning the cuts will not come into effect unt...
Read MoreTory party attack the government's proposed tax cuts
The Conservative party has tonight attacked the government's rumoured £16 billion tax giveaway which is expected to be announced this week by Alistair Darling. One move appears to be the reduction of VAT from 17.5% to 15% overnight with money being placed back into the pockets of consumers at the earliest opportunity. The only downside for the government will be the fact they will have to admit t...
Read More