Theo Paphitis and Deborah Meaden, two of the Dragons from the BBC's Dragons' Den, have warned the Government that any increase in capital gains tax on business assets would be a “betrayal” and would cost jobs.
Theo Paphitis, the retail entrepreneur, said any move to increase capital gains tax (CGT) from 18pc on entrepreneurs would be a "betrayal".
"To get this wrong would be to fall at the first fence," he said. "We need to incentivise people to invest long term in the UK, create jobs.”
He added: "I think 18pc is too high. It should be 10pc and people should have to hold those assets for a minimum of five years and should create employment. People who are spivving on the stock market or buying property that's not creating employment can pay 50p in the pound."
"It will make a big impact on how I invest in the UK. I might be looking to invest somewhere else. But it would be such a betrayal of the future of the country that I don't think it will happen,” he said.
Fellow Dragons' Den star and leisure industry entreprenuer Deborah Meaden agreed that raising capital gains on business assets would "discourage entrepreneurs, particularly to make the long term investments that this country needs".
The Government is also expected to lower the starting point for CGT on non-business assets from £10,100 to around £2,500.
I plan to vote out these spivs/chavs (whatever you want to call them) from government in the next general election! What I would favour is a rise in VAT to say 25% and perhaps a 5% VAT on food to pay for this mess the country is in. At least then I can choose not to consume.
Or even better take the troops out of Afghanistan...What is the point in going to war in a 3rd world country killing innocent people and at the same time British soldiers dying? They increase taxes to carry out these stupid acts when this country is in such a mess!
Why don't the British people just stand up and Rebel against this? Looks like it is time to look elsewhere to Invest.......No way will I be happy to pay 40% tax on gains over £2500. That is pathetic...........I pay enough taxes to pay for five families living in council estates...