The British Chambers of Commerce (BCC) has said that the Chancellor should not introduce tax rises. It has apprehended that it may hit the economic growth of the country.
BCC has said that it is a matter of concern for the upcoming budget to be unveiled next week by George Osborne. Rise in capital gains tax will affect the UK economy.
After implementation of the capital gains tax the levy firms as well as the individuals have to pay tax on the profit they gained by selling something they owned like shares.
On the other hand, the TUC union group wants the capital gains tax to rise.
The capital gains tax in UK is currently standing at a flat rate of 18%, but the indication of the coalition government has suggested that it wants to raise it with various income tax levels.
The director general of BCC Mr. David Frost has suggested the chancellor should think carefully about the raise in the taxes because it would directly affect negatively to the growth of private sectors.
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