In a speech today to the Institute of Economic Affairs – with the title The Right Approach for Britain’s Economy – Dr Fox will call for capital gains tax to be cut to zero and "reintroduced at a more sensible level".
"This would create a tax window where businesses that are sitting on assets might be encouraged to sell, investment in capital becomes more attractive and where hundreds of thousands of second homes might come on to the market," he will say.
Capital gains tax is currently levied at 28 per cent for higher rate tax payers. Dr Fox will add in his address that "economic policy is not just pounds, shillings and pence", adding: "It is the compass from which all other policy areas find their direction".
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