CGT changes: Breathing space welcomed for divorcees and homeowners

OTS’s report short of calling for complete reform

clock • 4 min read

Changes to Capital Gains Tax (CGT) proposed by the Office of Tax Simplification (OTS) have been welcomed by advisers for the extra time they may give clients, writes Jon Yarker.

Earlier this week the OTS published its second report into CGT after being requested by Chancellor Rishi Sunak to review the controversial law in 2020. Fourteen recommendations have been made by the OTS which has highlighted low levels of public awareness when it comes to this tax. A key point is the proposed change for the 150,000 individuals every year who dispose of UK residential properties. Over 85,000 of these have a taxable gain and will need to file a UK property tax return within 30 days. The OTS is now recommending extending this to 60 days or mandating estate agents and con...

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