Financial advisers have warned they will have to have a rethink if proposals from the government’s capital gains tax (CGT) review come to fruition.
A new report from the Office for Tax Simplification (OTS) says that CGT intake could be doubled to £14bn if it is brought in line with income tax. Minesh Patel, financial planner and director at EA Financial Solutions, says the proposal to change to CGT is "highly concerning and will affect planning". "The reason most people invest in products that utilise CGT rather than income tax is for lower rates of taxation, so we are going to have to review those now based on the proposal going forward," he says. "Advisers will have to decide whether to try and to take advantage of the curre...
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