The Chancellor failed to consider the devastating impact changes in the
capital gains tax would have on Ulster, it was claimed last night.
Lady Sylvia Hermon warned Alistair Darling to ditch the controversial plans
before April, when the flat rate charge would come into force, in favour of
a policy that would help boost small businesses in the province.
The UUP MP's attack comes after a Commons Treasury Committee Report
criticised the Government proposals earlier this week.
She said: "The conclusions of the Commons Treasury Committee brought no
surprises. I don't believe for one minute that Chancellor Alistair Darling
clearly thought through the impact on small businesses generally, or
specifically on those in Northern Ireland, of introducing a flat rate 18%
capital gains tax.
"Whilst I understand the intention of his proposal to simplify reliefs
and also 'clip the wings' of private equity firms, the effect on small
businesses would be catastrophic, never mind the damaging impact on employee
shareholders.
"For a Chancellor who is doing little right within a Government getting
so much wrong, the time between now and April 2008 presents a window of
opportunity to get at least something right for a welcome change.
"They have a few months to ditch these proposals, go back to the
drawing board and come up with new measures that are workable and sensible
but don't penalise small businesses the way the present proposals surely
would."
The Chancellor has hinted that he may drop the contentious business tax
changes, which he hoped would simplify the system, after attacks from
industry leaders.
The CBI and other business groups have called on the Government not to go
ahead with a planned increase in the tax from 10% to 18%.
Hi: 17°C / Lw: 11°C
Nadal powers to title after epic win over Federer
Revealed: Ulster's most dangerous rads
Hammond and May refuse to sign new contracts
Deputy First Minister in Baghdad for peace mission
Thomas Beattie gives birth to healthy baby girl
Iran warns: attack us and we'll strike you back
Visting the city? Check out our guide to the capital
Swimsuit photo shoot in buildup to Vietnam final
Mandela honoured with the class of 2008
Video tribute as Queen's honours James Ellis
Supporters that made Euro 2008 one to remember
Fashion of the wives throughout the tournament
Pop princess Minogue wows fans at Odyssey gig
Try your luck in our GAA 'pick the score' competition
Looking forward to the famous biking event
Ship's Belfast beginnings celebrated in exhibition
Applauding Ulster's most exceptional women
Special report on Northern Ireland's worst house fire
Celebrating excellence at the inaugural awards gala 
Special multimedia report on Belfast Wheel