Darling rejects petition over CGT

Britain's chancellor Alistair Darling has refused calls to go against the recently-announced changes to the country's rules governing capital gains tax (CGT), it has emerged.

According to reports, despite meeting with the country's four main business groups to discuss issues arising from changes announced in the most recent pre-Budget report, Mr Darling has confirmed that there will be no u-turn on his recent announcements.

In addition to setting a single rate of tax, levied at 18 per cent, reforms also included the demise of taper relief.

"The chancellor said he was prepared to listen to proposals on CGT and we'll follow up in a consultation with the treasury on ideas we've got to make it a more business-friendly decision," Miles Templeman, director general of the Institute of Directors, told the Financial Times.

Including the Institute of Directors, the four business groups who met with the chancellor consisted of the Federation of Small Businesses, the British Chambers of Commerce and the Confederation of British Industry.