Neil MacGillivray: Business owners beware of potential CGT changes

OTS report

clock • 4 min read
Neil MacGillivray: "It is important to note that a capital loss isn’t an allowable loss unless it is notified to HMRC."
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.

Join

 

Already a Professional Adviser member?

Login

More on Tax planning

Responses will be accepted until 28 July 2022.

FCA proposes single segment regime for listed companies

Seeks feedback

James Baxter-Derrington
clock 26 May 2022 • 1 min read
Mark Scanlon, Tenet CEO.

Technology can make advice simpler, easier and more efficient - Tenet CEO

Watch the five-minute interview

Professional Adviser
clock 25 May 2022 • 1 min read
Michele Golunska, CEO of Sesame Bankhall Group.

Cost and regulatory pressures affecting advice firm owners - Sesame Bankhall chief

Watch the interview

Professional Adviser
clock 24 May 2022 • 1 min read