Neil MacGillivray: Business owners beware of potential CGT changes

OTS report

Neil MacGillivray: "It is important to note that a capital loss isn’t an allowable loss unless it is notified to HMRC."
Neil MacGillivray: "It is important to note that a capital loss isn’t an allowable loss unless it is notified to HMRC."
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The recommendations that the Office of Tax Simplification (OTS) put forward in its review of capital gains tax (CGT), published on 11 November, has created quite a stir. Neil MacGillivray warns that, if the key proposals are adopted, current CGT planning opportunities may be lost, particularly for owner managed businesses

The OTS report highlights how the CGT rules can distort behaviour and do not meet policy intent, in particular, their interaction with income tax and inheritance tax (IHT). For example, the lower rates...

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