The Chancellor, Rishi Sunak, has commissioned a report into the UK\u2019s Capital Gains Tax (CGT) system, it has been announced.<\/p>\n
The review will be conducted by the Office of Tax Simplification, with a survey being launched, asking for evidence to seek views about CGT.<\/p>\n
Some experts believe that the Government may be exploring the possibility of raising CGT as it looks to offset the \u00a3350 billion deficit as a result of the emergency coronavirus spending, which has funded the Coronavirus Job Retention Scheme, Self-Employment Income Support Scheme and other business support measures.<\/p>\n
The figures include \u00a330 billion in spending announced by the Chancellor last week, including \u00a39 billion on the Job Retention Bonus Scheme, as well as a jobs programme and green energy programme.<\/p>\n
Currently, there are a number of exemptions on CGT, with anyone who sells their main residence being exempt from the tax, but these exemptions will now be under review.<\/p>\n
The current tax-free allowance of \u00a312,300 is also under consideration, with the potential for this to be reduced to raise more revenue.<\/p>\n
Experts believe that the review indicates the Government\u2019s intentions to explore a further review of wealth taxes as it attempts to address the significant deficit as a result of the COVID-19 pandemic.<\/p>\n
The Treasury has, however, played down the significance of the review, stating: \u201cThis is standard internal working. There is no expectation or plans for policy changes as a result.\u201d<\/p>\n
For help and advice, contact our expert team today. <\/strong><\/p>\n","protected":false},"excerpt":{"rendered":" The Chancellor, Rishi Sunak, has commissioned a report into the UK\u2019s Capital Gains Tax (CGT) system, it has been announced.<\/p>\n","protected":false},"author":2,"featured_media":3630,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,28,41,7,27,32],"tags":[],"_links":{"self":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts\/3628"}],"collection":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/comments?post=3628"}],"version-history":[{"count":1,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts\/3628\/revisions"}],"predecessor-version":[{"id":3629,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts\/3628\/revisions\/3629"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/media\/3630"}],"wp:attachment":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/media?parent=3628"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/categories?post=3628"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/tags?post=3628"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}