CGT Review Announced

General News

▤ Summary

Yesterday, the Chancellor announced that he has commissioned The Office of Tax Simplification to conduct a review of CGT. This is being seen as a clear sign that CGT is likely to be one of the taxes that the government will seek to help fill the hole left in public finances by the Coronavirus. The OTS is asking individuals, businesses, professional advisers and representative bodies about which aspects of CGT are particularly complex and hard to get right, and to hear any suggestions for improvements. The scoping document states that the review will consider CGT and the taxation of chargeable gains in relation to individuals and smaller businesses and develop recommendations for simplification including reducing distortions from both an administrative and technical standpoint. It is currently unclear when the review will report back however the consultation runs till mid-October.

▥ Classifications

industries
Fintech & Banking
applications
Accounting and Taxes

◇ AskAI Classifications

Labels
Financial Software Investment Tax Software SaaS

▦ Linked Companies