Twenty-two MPs have been briefed by the institute about the difficulties businesses in their constituencies face over the proposed changes to UK capital gains tax, thanks to Francesca Lagerberg and Frank Haskew of the institute's Tax Faculty. The pair outlined the changes, which were announced in October's pre-Budget report, at a recent meeting of the associate parliamentary group on business,finance and accountancy. Lagerberg, chairman of the faculty's technical committee, said that although the institute supports tax simplification, the proposal - to withdraw taper relief and replace it with a single rate of 18% - needed to be modified.
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