What’s the betting that some, or all, of the capital gains tax changes announced in the pre budget report will be withdrawn, given the furore that these poorly thought out proposals have caused?

Alistair Darling has managed to upset just about everyone, except the very individuals in the private equity industry who were supposed to be the target of his changes.

The private equity chappies have got off relatively lightly, whereas ‘the little people’ (as millionaireress, Leona Helmsley, would say) who have invested iin SAYE share option schemes, Enterprise Management Initiatives, AIM shares and individuals with holiday home lettings, are all potential losers under the flat rate regime of 18 per cent CGT and the axing of taper relief..

Given the former Chancellor’s propensity for spectacular and unexpected U-turns, I see no reason why his successor shouldn’t do likewise.