CGT reform


Our team: Helena Luckhurst, Helen Cox, Mark Spash, Jonathan Riley


On 13 July the Chancellor wrote to the Office of Tax simplification requesting that it reviews capital gains tax and those elements of corporation tax that relate to chargeable gains.  This is not an unexpected development and it follows closely a consultation in respect of proposed inheritance tax reform.

The rate of CGT for higher rate taxpayers is 20% in respect of all gains (other than those relating to residential property or carried interest where the rate is 28%).  There are also numerous reliefs available and scope to make use of losses.  It is possible that any reform will tax gains at a taxpayer’s marginal rate of income tax and remove the reliefs.  This would make the present regime look positively generous.  So are there steps you should consider ahead of any change? To read more – Click here

 

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