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The British Chamber of Commerce (BCC) made renewed urges to the Chancellor of the Exchequer, Alistair Darling, to reverse his decision to increase capital gains tax (CGT).
Leaders of all the BCCs member organisations signed a letter against the proposed flat rate of 18 per cent on CGT, announced in last months pre-budget report.
The document sent to Mr Darling was composed of 56 signatories and stressed that the reform, which sees CGT taper relief replaced with an 80 per cent tax increase, is damaging to "the spirit of entrepreneurship and enterprise that the government has previously sought to foster".
While the signatories welcomed the governments promise that tax mitigation measures may be given certain groups up to the value of £100,000, they said it does not go far enough.
Leaders of the BCC have already joined the Confederation of British Industry, the Institute of Directors and the Federation of Small Businesses in a meeting with the chancellor to outline their misgivings of the reform.
David Frost, director-general of the BCC, told the GAAP: "We wanted to show the chancellor the real feeling against this from every part of the UK."
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