Cameron slams 'incompetent' reform

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The Conservative leader will use a speech on Tuesday to call on Mr Darling to "end uncertainty" over the £900 million tax increase announced in last month's Pre-Budget Report.

And he will pledge to fight the changes - due to come into effect in April - "every step of the way".

However, aides said the Tories were not in a position to promise now that they would reverse the tax rise if they came to power, as they do not know what state the economy they inherit will be in.

The removal of CGT taper relief and imposition of an 18% flat rate sparked howls of outrage from business, which claims it will penalise entrepreneurs who currently pay at a reduced rate as low as 10% if they hold assets for a longer period.

Recent reports have suggested that Prime Minister Gordon Brown is considering exempting businessmen who sell their firms to fund their retirement.

But Mr Cameron will tell a Confederation of British Industry conference in London that this has left entrepreneurs uncertain whether they should rush to sell up in order to beat the tax-hike deadline.

He is expected to say: "The Chancellor's handling of the increase in capital gains tax has been... incompetent.

"First he announced a £900 million tax increase on the most productive sector of the economy. Second, this announcement was made with no prior warning or consultation. And third, since then we have had nothing but confusion and mixed signals. The Chancellor told Parliament there would be no backing down. Then he was humiliated by the Prime Minister, who reacted to business anger by privately briefing concessions over retirement relief without even warning the Treasury.

"Details of any concessions have still not been confirmed in public.The result is that entrepreneurs and investors have been completely in the dark over whether they should try and sell up before April to avoid the tax increase."