CAPITAL GAINS TAX

That this House believes the 80 per cent. increase in capital gains tax (CGT) for business demonstrates the Government's lack of understanding of the business community and puts the United Kingdom at a competitive disadvantage against other comparable industrialised countries; notes that 76 per cent. of business leaders lack confidence in the Chancellor; recognises that small businesses are increasingly seeing the tax burden rest disproportionately upon them; expresses concern that the UK now has the longest tax code in the world; and calls on the Chancellor to reverse the rise in the small business corporation tax set out in the Budget, meeting the cost by scrapping the complex system of allowances also proposed, and reverse the proposed rise in CGT.