Michael Fallon
Main Page: Michael Fallon (Conservative - Sevenoaks)Department Debates - View all Michael Fallon's debates with the Department for Education
(14 years, 5 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Vince Cable
I apologise to the hon. Lady if she did not get advance notice of my visit, but it was a very successful one. There is an outstanding project based on grants from the Medical Research Council, among others, with very good commercial spin-off. That is exactly what the Government want to encourage.
Michael Fallon (Sevenoaks) (Con)
Can the Secretary of State reassure us that any changes to the capital gains tax regime will not reduce investment in business, particularly in new start-up businesses, and will not undermine schemes of employee share ownership?
Vince Cable
As the hon. Gentleman knows perfectly well, the coalition agreement envisages the reform of capital gains tax as a way of making the tax system fairer and, among other things, creating revenue to help lift the tax threshold and lift very large numbers of low earners out of tax. We are conscious of the impact of capital gains tax on business, and we want to make it clear that any reforms will acknowledge the role of entrepreneurship, and not damage it.