The Government has asked the Office of Tax Simplification (OTS) to identify and offer them advice about areas where the current capital gains tax rules (CGT) do not meet their policy intent or where they distort behavior. The OTS has also been asked to identify simplification opportunities relating to administrative and technical issues affecting individuals, partnerships and unincorporated or single-entity owner-managed companies. An online survey will be used in the evidence-gathering process to secure the widest possible participation. The process is divided into two parts:
Although no dates have been given for changing the CGT system, the expectation is that the Chancellor will outline the next steps during the autumn Budget with draft legislation debated in 2021 and coming into force in 2022 at the earliest. If you would like to respond to the call for evidence, you can do so by emailing ots@ots.gov.uk
16/07/2020
View all >
26/04/2024
HMRC launches MTD for Income Tax pilot
HMRC’s pilot scheme for Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) launched on 22 April.
READ MORE
Business price pressures persist
Business price pressures persist despite the UK’s inflation rate falling to its lowest level since September 202
Small firms confused over import rules
The government has been accused of heaping confusion on small firms before new import rules on plant and food products are introduced, according to the Federation of Small Businesses (FSB).
Sign up to keep in touch to receive our latest news and industry updates.
* *
Yes, I would like to receive email updates providing me with the latest finance news, advice guides and details of future events.