The Forum of Private Business (FPB) has welcomed proposals by shadow chancellor George Osborne who has committed a future Tory government to a simplified tax system, including giving advance warning and increasing scrutiny of any proposed legal changes.

The FPB has been lobbying against disproportionate taxation as part of its ‘Think Smallest First' campaign, which was launched last week in Brussels by Phil Orford, FPB chief executive, in a speech on the small business act for Europe.

In November 2007, Osborne signed the FPB petition calling on the government to reverse its decision to increase Capital Gains Tax (CGT) by removing entrepreneurs' taper relief, which had benefitted many of the FPB's members.

The petition followed research carried out in Referendum, the quarterly FPB survey of members, in which an overwhelming majority of 97% said the UK had become a worse place in which to do business as a result of the government's tax regime.

Further reading:

Howe unveils tax overhaul plans at ICAEW

Conservatives to propose more lead-time on tax