PwC predicts CGT rise effective from Budget Day

Tax experts at the auditors expect Chancellor George Osborne to bring all changes to capital gains tax (CGT) in straight away, making them effective on the first day after the Emergency Budget on 22 June. It expects a CGT rise on non-business assets in line with income tax rates, which could mean an effective CGT rate of up to 50%, but with differential tax rates depending on how long an asset has been held. Linking taxation of capital gains in this way is being seen as a bid to discourage more speculative activity. However, PwC predicts the Government will extend the definition of...