Guido was at an impromptu meeting of successful* internet entrepreneurs held at the Adam Street Club
. We were briefed by David Gauke from the Tory shadow treasury team who also sits on the Treasury Select Committee.
Basically the entrepreneurs were extremely pissed off that they were looking at a sudden 80% hike in capital gains taxes when they come to sell their start-ups. They are not the only ones, the CBI, the Institute of Directors, the British Chambers of Commerce and the Federation of Small Businesses are spitting tacks at a tax that came out of the blue via the back of an envelope.
David Gauke pointed out that MPs would, as a result of the reforms, now get a 55% tax cut on capital gains (down from 40% to 18%) when they sell their taxpayer subsidised Westminster second homes. At this self-serving outrage there was a collective “what the f***!” from a roomful of exasperated entrepreneurs.
Guido thinks when the vote comes, those MPs who vote themselves a 55% tax cut and small businesses an 80% tax hike, should be named and shamed. Guido is thinking not just of Yvette and Ed Balls, but those champagne socialists with their multi-million pound property portfolios who will benefit. Michael Meacher and Emily Thornberry spring to mind, but they are not the only MPs who’ll be voting themselves a tax cut on their property portfolios. It adds insult to injury when you factor in that the taxpayer has paid them a tax-free mortgage subsidy worth some £40,000 a year to MPs. Guido will happily publicly name and shame MPs with bulging property portfolios who vote for the Finance Bill that clobbers entrepreneurs. Email Guido any names and details…
*FYI, this blog is more profitable than Guardian Unlimited, which is supposed to be an online success. Apart, that is, from the making money element of success