As the Office of Tax Simplification examines capital gains tax reliefs, many are considering selling up now ahead of any change, Forsters partner Guy Abrahams explains
The Office of Tax Simplification (OTS) has published a review of capital gains tax (CGT), in response to a request from the UK Chancellor. The Chancellor asked the OTS to examine ‘the reliefs, exemptions and allowances which can apply, and the treatment of losses’ and ‘the annual exempt amount and its interactions with other reliefs’.
The review is in two parts: the first seeks high-level comments on the principles of CGT by 10 August, and the second, a ‘call for evidence’, requests detailed comments on the technical and practical aspects of CGT, with a deadline of 12 October. The OTS says that the earlier deadline will inform the focus of its review and may enable it to provide an interim update.
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