Redwood petitions Treasury with CGT hike alternative

Senior Conservative MP John Redwood has written to Treasury minister David Gauke with an alternative way of raising the cash. The ex-cabinet minister, who has led Tory criticism of the coalition's tax plans, has been urging the Government to rethink planned rises in non-business CGT. Prime Minister David Cameron and deputy Nick Clegg agreed to increase the tax on capital gains tax to help pay for the Lib Dem pledge of taking the poorest out income tax. Short-term gains on non-business assets, such as shares and second homes, could face tax rate rises from 18% to 40% or 50% in ne...