Part of the debate – in the House of Lords at 2:52 pm on 23 October 2007.
My Lords, while I understand the problem with capital gains tax, the noble Lord will be aware that there is another tax increase, on national insurance contributions, which will hit small business people and those earning between £34,500 and £40,000 a year. That will result in extra payments of £357 for small business people and £500 for employees. Is that not a grave disincentive and a stealth tax?