For over 30 years Richard Edwards Group has been providing excellent advice and a first class service to our clients. We have a large portfolio of clients and service businesses across many sectors. Book one of our FREE INITIAL MEETINGS to start benefiting from our expertise today.

Review of CGT on the cards?

Source: Other | | 21/07/2020

The Chancellor, Rishi Sunak has written to the OTS (Office of Tax Simplification), asking the OTS to undertake a review of Capital Gains Tax (CGT) and aspects of the taxation of chargeable gains in relation to individuals and smaller businesses. In response to the request, the OTS has published a scoping document for the review, together with a call for evidence and an online survey.

The scope of review will include looking at the following areas: the overall scope of the tax and the various rates which can apply; the reliefs, exemptions and allowances which can apply, and the treatment of losses; the annual exempt amount and its interactions with other reliefs; the position of individuals, partnerships and estates in administration, and of unincorporated businesses and stand-alone owner-managed trading or investment companies; and interactions with other parts of the tax system such as Income Tax, Capital Allowances, Stamp Taxes and Inheritance Tax, including potentially different definitions for similar transactions/events.

The review will also consider a number of more specific issues, including clearance and claims procedures; chargeable gains on shares and securities; the acquisition and disposal of property; the practical operation of principal private residence relief; consideration of the issues arising from the boundary between Income Tax and Capital Gains Tax in relation to employees; valuations, record-keeping, calculating any tax payable and making returns, including claiming losses and the information HMRC have and can use to help them reduce administrative burdens, improve customer experience and ensure compliance.

The OTS are inviting response on the principles of CGT by 10 August 2020, and on the main section of the call for evidence by 12 October 2020. 



 

Latest News

Lockdown – be ready for the unexpected
11/08/2020 - More...
One of the more insidious effects of the coronavirus outbreak is its unpredictability. Businesses need to plan. To achieve this there needs to be an underlying, stable economic

Want to start your own business?
11/08/2020 - More...
One of the consequences of recession, such as the present downturn in activity caused by the Coronavirus outbreak, is the likelihood that many will face redundancy as employers try


Newsletter

With our newsletter, you automatically receive our latest news per e-mail and get access to the archive including advanced search options!

» Sign up for the Newsletter
» Login