Govt under pressure to clarify CGT changes - papers January 17

Richard Lambert, the CBI's director-general, led the protests, warning the Chancellor that the "complete confusion" caused by his handling of the reforms was causing "enormous damage" to the reputation of the Government. Alistair Darling revealed in October plans to scrap the 10% rate of capital gains tax (CGT) paid on business assets held for more than two years from April 6 and replace it with a flat rate of 18% for all assets. THE GOVERNMENT ACCEPTS that it will almost certainly have to compensate Northern Rock shareholders to minimise the threat of messy litigation if it nationalises ...