CGT taper relief abolition - petition launched to oppose the change

The backlash against Alistair Darling's controversial CGT change has well and truly started.

Many business organisations and huge numbers of private company owners are understandably unhappy with the decision to abolish CGT taper relief in favour of a flat 18% CGT on business sale proceeds.

Even the "Dragons Den" panelists have voiced their opposition to the anti-enterprise measure.

James Caan, who joined the panel for the latest series of the BBC show, said he wanted the tax measure to be overturned. He told The Telegraph:

"When the rate dropped to 10% it fuelled positive activity for the economy," he said. "I am very negative about this. The Chancellor had a great opportunity to make his mark but to put a dampener on small businesses was not a good move."

Deborah Meaden told The Telegraph that she was worried the tax hike would "dampen" the growth in serial entrepreneurship.

"The great thing about entrepreneurs is that they don't look at the downside. People will still start up. The disappointing thing will be when they come to exit. Will they feel so pleased when they give more to the taxman?" she asked.Now a petition has been set up on the 10 Downing Street site.

Duncan Cheadle, who initially set up the petition, states:

"Penalising those that take huge personal risk to build tax paying, employment creating businesses because a very few private equity investors pay a low effective rate of tax is very short sighted."

"In effect those of us who may look to sell our businesses in the future to those better able to build it further now face almost a doubling in the tax we will have to pay. How can this help encourage enterprise?"

You can sign the petition via the No.10 Downing Street site here.

The Forum of Private Business (FPB) also has a petition, so if you're unhappy with the CGT changes, you could always sign both!