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[edit] Business Impact

The 2005 Labour manifesto stated:

"There are 300,000 more businesses now than in 1997.We are tackling barriers to financing for small and growing businesses – especially enterprises in deprived areas."

Following the Chancellor's pre budget report where the capital gains tax was altered, the CBI, Institute of Directors, British Chambers of Commerce and Federation of Small Businesses are calling for Alister Darling to put the implementation on hold as the change would hurt small businesses and employee share-ownership schemes, as well as discouraging risk-taking by venture capital firms vital to economic growth.[1]

This is an embarrasing shambles and proves the government has no respect for small businesses and is in fact another manefesto promise broken.

[edit] Conflicting Interest

In the pre budget report in October 2007, the chancellor altered the CGT to a flat 18% in order to, he claims, ensure that private equity bosses pay their fair due. However, this will also mean private/amature landlord would consequently gain from any housing sales as they would only need to pay the 18% rather than the previous 40%.

As of 15th October the Register of MP interests list the following MPs as claiming income from UK residential letting:

ALEXANDER, Douglas (Paisley and Renfrewshire South)-Rental of flat in Edinburgh

ARBUTHNOT, Rt. Hon. James (North East Hampshire)- Two flats in London, one providing rental income

BAILEY, Adrian (West Bromwich West)- A cottage in Cornwall from which rental income may be received

BANKS, Gordon (Ochil and South Perthshire)- Flat in Glasgow, from which rental income is received

BARKER, Gregory (Bexhill and Battle)- Rental income from residential property in London

BARLOW, Celia (Hove)- Freehold maisonette and one bed flat in London, from which rental income is received./ Freehold house in Witterings from which rental income has been received from January 2007

BARON, John (Billericay)- Three residential properties in London from which rental income is received

BECKETT, Rt. Hon. Margaret (Derby South)- Residential rented property BELLINGHAM, Henry (North West Norfolk)- House in West Norfolk, from which rental income is received

BENYON, Richard (Newbury)- Residential and commercial property in Hackney, for which rent is received

BLAIR, Rt. Hon. Tony (Sedgefield)- Two residential flats in Bristol from which rental income is received/A residential house in London from which rental income is received

BLIZZARD, Bob (Waveney)- Flat in London, from which rental income is received

BLUNKETT, Rt. Hon. David (Sheffield, Brightside)- Second home in London, from which I temporarily receive rental income

BORROW, David (South Ribble)- Flat in London from which rental income is received

BROKENSHIRE, James (Hornchurch)- House in Essex, from which rental income is received

BURT, Lorely (Solihull)- Residential house in West Midlands, from which rental income is received

CARSWELL, Douglas (Harwich)- Residential property in Hertfordshire, from which rental income is received

CASH, William (Stone)- Three houses at Upton Cressett, Shropshire from which rental income is received.

CLAPPISON, James (Hertsmere)- 17 rented houses in Patrington and in Withernsea, North Humberside, four of which are registered in joint name with my wife.

CLWYD, Mrs. Ann (Cynon Valley)- A flat in North Wales from which I receive rental income

COX, Geoffrey (Torridge and West Devon)- Cottage and farmland in West Devon, from which rental income is received

DORRIES, Nadine (Mid Bedfordshire)- House in Gloucestershire, from which rental income is received.

DUDDRIDGE, James (Rochford and Southend East)- Flat in London, from which rental income is received

DUNCAN, Alan (Rutland and Melton)- Rental income from residential property in London.

DUNWOODY, Hon. Gwyneth (Crewe and Nantwich)- Shared ownership of house in Fulham, from which rental income is received.

FIELD, Rt. Hon. Frank (Birkenhead)- House in Chiswick, from which rental income is received

FOLLETT, Barbara (Stevenage)- Residential flat in London, from which rental income is received

FRASER, Christopher (South West Norfolk)- Property in London and farm land and property in Dorset from which rental income is received

GOLDSWORTHY, Julia (Falmouth and Camborne)- One bedroomed flat in London, from which rental income is received

GOODWILL, Robert (Scarborough and Whitby)- Three residential properties in Loftus, ClevTwo terraced houses in London, from which rental income is receieland, from which rental income is received./ One residential property in Stockton-on-Tees, from which rental income is received

GRAYLING, Chris (Epsom and Ewell)- Two terraced houses in London, from which rental income is received

GRIEVE, Dominic (Beaconsfield)- House in London, generating rental income

HARMAN, Rt. Hon. Harriet (Camberwell and Peckham)- Part ownership of house in Suffolk, from which rental income is received

HEMMING, John (Birmingham, Yardley)- Two flats in London, from which rental income is received

HOGG, Rt. Hon. Douglas (Sleaford and North Hykeham)- am the owner of three properties in London which I have let to tenants.

HOWARD, Rt Hon Michael (Folkestone and Hythe)- Flat, currently let, in London SW1

HUHNE, Chris (Eastleigh)- Residential house and flat in Oxford, from which rental income is received/Residential house and two flats in London, from which rental income is received.

KENNEDY, Rt Hon Charles (Ross, Skye and Lochaber)- Single bedroomed flat in London, from which a rental income is derived

LANSLEY, Andrew (South Cambridgeshire)- House in Cambridge, from which rental income is received

LEWIS, Dr. Julian (New Forest East)- Flat in Southampton, from which rental income is received

LOUGHTON, Tim (East Worthing and Shoreham)- A flat in London, from which rental income is occasionally received

LUFF, Peter (Mid Worcester)- Terraced property in Worcester, let on an assured tenancy

McAVOY, Thomas (Rutherglen and Hamilton West)- Residential flat in London, from which rental income is received.

McDONNELL, Dr Alasdair (Belfast South)- House in Belfast, from which rental income is received

MACNEIL, Angus (Na h-Eileanan an Iar)- House in Fort William, from which rental income is received/Flat in Glasgow, from which rental income is received

MILBURN, Rt. Hon. Alan (Darlington)- Rental income from a house in London, which I jointly own

MOSS, Malcolm (North East Cambridgeshire)- Rental income from cottage in Wisbech, Cambs

MUNDELL, David (Dumfriesshire, Clydesdale and Tweeddale)- Flat in Edinburgh, from which rental income is received

OTTAWAY, Richard (Croydon South)- Flat in London from which rental income is received

PROSSER, Gwyn (Dover)- Flat in London, from which rental income is received

RANDALL, John (Uxbridge)- Residential rented property in Uxbridge, from which rental income is received

RAYNSFORD, Rt. Hon. Nick (Greenwich and Woolwich)- Two-bedroomed flat in London, from which rental income is received

REID, Rt. Hon. Dr. John (Airdrie and Shotts)- Rental income received from flat in London

ROBINSON, Geoffrey (Coventry North West)- Freehold cottage in Hampshire, from which rental income is received

SANDERS, Adrian (Torbay)- Residential property in Paignton, from which rental income is derived

SELOUS, Andrew (South West Bedfordshire)- Residential property in London, from which rental income is received

SHEERMAN, Barry (Huddersfield)- Small one-bedroom flat in London, currently let

SIMPSON, David (Upper Bann)- Flats in Portadown, Co Armagh, from which rental income is received

SMITH, Sir Robert (West Aberdeenshire and Kincardine)- Farm and cottages in Aberdeenshire, from which rental income is received.

SPRING, Richard (West Suffolk)- Flat in London from which rental income is received

STARKEY, Dr. Phyllis (Milton Keynes South West)- Former family home in Oxford, now let to tenants

SWAYNE, Desmond (New Forest West)- Residential leasehold flat in West London, for which rent is received

TAYLOR, Matthew (Truro and St. Austell)- Flat in London, from which rental income is received

TODD, Mark (South Derbyshire)- Flat in London for which rental is received.

VARA, Shailesh (North West Cambridgeshire)- Two flats, in London and Northampton, from which rental income is received.

WALTER, Robert (North Dorset)- Residential investment property in London

WILLETTS, David (Havant)- Flat in West London, from which rental income is received

WILLIAMS, Roger (Brecon and Radnorshire)- Three houses in Tredomen, Brecon, from which rental income is received/One house in Exmouth, Devon, from which rental income is received

WOOD, Mike (Batley and Spen)- Terraced property in Oldham, Greater Manchester, let prior to sale

This is a substantial amount and shows that MPs have a vested interest in this CGT change.