Chancellor Rishi Sunak has requested a review of Capital Gains Tax (CGT) rules from the Office for Tax Simplification (OTS), prompting concerns from investors that there could be a “tax raid” to help offset the public expenditure accumulated during the coronavirus pandemic.
The OTS has published an online survey and a "call for evidence" to seek views regarding CGT. According to the UK Government's website, it wants to "hear directly from individuals and businesses" as well as "professional advisers and representative bodies" about which aspects of capital gains tax are "particularly complex and hard to get right, and to hear any suggestions for improvements". The consultation will close at 11.45pm on 20 October this year. Tom Selby, senior analyst at AJ Bell, said Sunak's request for a review "feels like the starting pistol for a tax grab" ahead of the ...
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