The Chancellor Alistair Darling has delayed his decision over proposed changes to capital gains tax until the new year. Darling told the House of Commons that he would not be able to meet his commitment to deliver the changes before Christmas, a promise he made three weeks ago at the CBI’s annual conference.

Darling told MPs: "It's now not going to be possible to conclude those discussions until the New Year.” He said the reason for the delay was because he needed more time to consider a wide range of proposals from different business groups, such as the CBI.

Darling originally announced changes to capital gains tax in his pre-budget report earlier this year, but these were widely criticised by business groups.  His decision to get rid of taper relief leading to an effective 80% increase in tax in some cases attracted particular criticism for discouraging investment and entrepreneurship.