The row over raising capital gains tax (CGT) to the level of income tax has spiralled all the way to the Treasury, with a senior Tory MP writing to the department in protest.
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...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
