The capital gains tax increases confirmed in the Budget have triggered a wave of criticism from entrepreneurs and business groups as ferocious as that sparked by its plans to tax non-domiciled residents more highly. Yet there is little evidence that charging entrepreneurs up to 80 per cent extra when they sell a company will discourage enterprise.

At one level, that suggests the row over CGT has been a fuss about nothing. But at another, it is irrelevant that the measure may not influence business decision-making much. Critics say a unified tax rate for business and non-business disposals has sent a darkly negative signal about the government’s attitude towards enterprise.