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No split on capital gains - Cable No split on capital gains - Cable
(10 minutes later)
Business Secretary Vince Cable has insisted the coalition government is not split over planned increases to non-business capital gains tax.Business Secretary Vince Cable has insisted the coalition government is not split over planned increases to non-business capital gains tax.
The move could see second home sales taxed at a rate of 40% or 50%.The move could see second home sales taxed at a rate of 40% or 50%.
Senior Tory MPs have attacked it as a tax on the middle classes and a betrayal of Conservative values.Senior Tory MPs have attacked it as a tax on the middle classes and a betrayal of Conservative values.
But Mr Cable told BBC News it was a crucial part of the coalition deal and there was no disagreement over it between the Lib Dem and Tory partners.But Mr Cable told BBC News it was a crucial part of the coalition deal and there was no disagreement over it between the Lib Dem and Tory partners.
Mr Cable, who has stood down as Lib Dem deputy leader, said the changes to capital gains tax would help to fulfil the Lib Dem aim of bringing more "fairness" to the tax system.
He told the BBC: "It's very important that we have wealth taxed in the same way as income.
"It's very important that we have wealth taxed in the same way as income. At present it is quite wrong and it is an open invitation to tax avoidance to have people taxed at 40% or potentially 50% on their income, but only taxed at 18% on capital gains; it leads to large scale tax avoidance so for reasons of fairness and practicality, we have agreed that the capital gains tax system needs to be fundamentally reformed."