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Changes to taxation suggested by the government in last week`s pre-Budget report may cause Scottish debt problems to increase, a leading financial association claims.
The increase in capital gains tax (CGT) from a tiered system to a flat rate of 18 per cent will introduce serious new inequities into the tax system, according to the Institute of Chartered Accountants of Scotland (ICAS).
As a result, the changes could force businesses and individuals in Scotland into increased debt, as they struggle to cope with the rise. ICAS claims the introduction of the increased rate could force many towards bankruptcy.
Colin Lamb, capital taxes convener at ICAS, said: "We are astonished to find the government favouring short term speculation and penalising long term business investment by entrepreneurs and their employees. We would urge the chancellor to think again."
