News | August 13, 2020

The Office of Tax Simplification – Capital Gains Tax review – Call for Evidence Consultation Response: Wedlake Bell LLP

The Chancellor, Rishi Sunak, has asked the Office of Tax Simplification (“OTS“) to review capital gains tax (“CGT“) and their ‘Call for Evidence’ was published on 14 July 2020. The first section is focussed on the ‘Principles of CGT’ and invites views on whether the scope and reach of CGT continue to be appropriate, taking into consideration the various allowances available, including the annual exempt amount, exemptions and reliefs, the treatment of losses and the interaction of CGT with other taxes. We have responded to this to represent the interests of our clients and our response is available to read here. The timing of this review has sparked speculation of possible tax increases and we will be monitoring developments.

For more information on the CGT review our recent e-bulletin can be found here