CGT change will harm savers - AIFA

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The Chancellor's proposals to introduce a flat rate of capital gains tax are counter-productive to the Government's goal of encouraging long-term savings, according to AIFA.

Commenting on yesterday’s hearing of the Treasury Select Committee, in which Darling refused to say whether he would reverse his CGT changes, Chris Cummings, director general of AIFA, says the move will harm savers and entrepreneurs. Cummings says: “The savings ratio is at a 47-year low and we need to encourage long term savings in the UK. I was disappointed that the pre-budget report had counter-productive measures to encourage savings and investments.” Cummings is also concerned about the impact the Chancellors policies will have on many of AIFA’s members, who will now have to pay more ...

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