CGT ‘tax raid on horizon’ as Chancellor fights escalating deficit
- On November 19, 2020
- By GrowthInvest Marketing
The Office for Tax Simplification (OTS) has proposed a number of reforms to capital gains tax (CGT) in a hastily produced report, fuelling speculation that the Chancellor is set to make significant changes.
Quilter tax and financial planning expert Racheal Griffin said it was unusual for the government to produce “chunky reports at speed” unless there was a real requirement. The OTS itself acknowledged the consultation had been produced in a shorter timeframe than usual.Griffin said: “This hints that change to CGT will be on the cards as the Chancellor looks to counteract the escalating deficit caused by the pandemic.
“The appeal of changing CGT is clear – only a relatively small number of people pay it. Statistics show that over the course of a decade around 1.5 million people reported taxable gains, far lower than the numbers paying the biggest taxes like income tax and national insurance.
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