Image:
Neil MacGillivray: "It is important to note that a capital loss isn’t an allowable loss unless it is notified to HMRC."
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...
To continue reading this article...
Join Professional Adviser
- Unlimited access to real-time news, industry insights and market intelligence.
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters.
- Make smart business decisions with the latest developments in regulation, investing retirement and protection.
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes.
