With capital gains tax (CGT) the subject of the Chancellor’s latest tax review, fears are that a tax hike is imminent, writes Neil MacGillivray. However, going by past OTS reports it may not all be doom and gloom…
The Office of Tax simplification (OTS) has been asked by the Chancellor, Rishi Sunak, to review Capital Gains Tax (CGT). This has led to lots of speculation that it will result in a tax hike to mitigate spiralling government debt. Based on previous experience, however, this may be a bit off the mark. The OTS was set up in July 2010 as an independent adviser to the Government. Its objective is to offer recommendations and advice to the Chancellor on how to make our tax system simpler, with a focus on individuals and smaller businesses. It is important to note that the OTS can't impleme...
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