November 28, 2020

Capital gains tax could be hiked by Rishi Sunak in middle class tax raid to pay for Covid – Express

https://www.express.co.uk/finance/personalfinance/1359189/Capital-Gains-Tax-Rishi-Sunak-Office-for-Tax-Simplification-report-CGT-assets

“As with any leaky roof, you can move the buckets all you like, but what you really need is a new roof.”

Ms Coles also highlighted the OTS’ assertion that increasing CGT rates would encourage people to hang on to assets until they pass away.

This may create problems, for instance, for first time buyers struggling to get on the property ladder, while investors hold on to property.

Current CGT rules mean disposing of an asset includes selling it, giving it away as a gift, swapping it or receiving compensation for it.

This is a large umbrella which is likely to have an effect on many Britons, especially as there are also a number of ‘chargeable assets’ to which the levy applies, including personal possessions worth £6,000 or more, some property and shares.