CGT rise attacked by BCC for 'penalising' business

The Government has pledged a CGT increase from 18% to "closer" to the 40% higher rate of income tax will only be levied on so-called non-business assets such as shares, second homes and buy-to-let properties. But the BCC says the move will hit enterprise because the Government has no clear definition of what constitutes a 'business asset'. "There should be no increase unless the Government can properly and accurately ring-fence business assets from non-business assets," says BCC spokesperson Sam Turvey. "We will not back the CGT rise unless the Government can 100% convince us they ...