By Chris Dorrell Clumsy reforms to capital gains tax could “harm the government’s growth mission,” the Institute for Fiscal Studies (IFS) warned today. The influential think tank said the levy was “crying out for reform”, but warned that poorly designed measures could do more harm than good. Capital gains tax is a levy raised on the increase in value of an asset between the points of purchase and sale. It currently raises £15bn a year. Currently, the rate of capital gains sits at 20 per cent on all chargeable assets other than residential property, where the charge is 24 per cent. In contrast,…