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The controversy over capital gains tax reform continues apace, with shadow chancellor George Osborne giving his backing to a campaign to halt the planned changes to the levy.
The Conservative MP for Tatton signed a petition drawn up by the Forum of Private Businesses urging the Government to reverse its decision on CGT, believing that replacing the 10% taper relief on asset sales with a flat 18% rate would pile even more pressure onto small businesses.
Many of the FPB's members have backed Mr Osborne's calls for a complete U-turn on the Chancellor's proposal, announced in last month's Pre-Budget Report, despite his recent move to soften its impact by offering the owners of small businesses £100,000 in tax relief when sell up and retire.
The trade organisation's chief executive, David Roughley, said: 'Mr Darling seems to have recognised that this was an ill thought-out policy. It's a start, but reducing the burden for business owners on the verge of retirement is only a small step.
'The FPB believes that the Chancellor has not gone far enough, and that serial entrepreneurs investing in and selling companies will still be deterred by the change.'
