HM Treasury’s Office of Tax Simplification (OTS) has been instructed to carry out a review of capital gains tax (CGT) to identify simplification opportunities, and “ensure the system is fit for purpose”.
The Chancellor of the Exchequer’s scoping document suggests its ostensible purpose is to identify which aspects of CGT are particularly complex and hard to get right. However, the more cynical of us would suggest that CGT was possibly being reviewed as a possible way of helping to fill the hole in the public finances, particularly if the annual CGT exemption of £12,300 was cut or abolished or tax rates are increased from current levels!
If you would like to discuss CGT, please contact David Buck on 01788 539000 or email a member of our team [email protected]