Capital Gains Tax - Is change afoot?
On Wednesday 11 November 2020, the Office of Tax Simplification (OTS) published the first of two reports looking at capital gains tax (CGT) reform, covering policy design and principles. This follows the Chancellor’s request in mid-July 2020 to consider whether the tax is “fit for purpose” as he looks to find ways to re-balance the public finances following unprecedented levels of government spending in the face of the coronavirus pandemic.
Please see this article for James Bradford’s and Charlie Searle’s take on the report and a brief analysis of where the impact the OTS recommendations (if implemented by the Treasury) might fall. Investors, private equity executives and owner-directors of small companies should take particular note. Ultimately, if the proposals are adopted by the Chancellor, those holding assets standing at a significant gain might want to consider their short and long term plans now and over the next few months.
Please do be in touch if you think we can be of assistance with tax planning.
Ultimately, if the proposals are adopted by the Chancellor, those holding assets standing at a significant gain might want to consider their short and long term plans now and over the next few months
