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UK Launches Reviews Into Capital Gains Tax, Post-COVID-19 Tax Reform

by Jason Gorringe, Tax-News.com, London

17 July 2020


The UK's Chancellor, Rishi Sunak, has indicated that changes to the UK's capital gains tax regime may be on the horizon, having commissioned a report into the future of the tax from the Office for Tax Simplification.

According to the Government, the review will look into aspects of the taxation of chargeable gains in relation to individuals and smaller businesses.

Sunak said in his letter to the OTS: "This review should identify opportunities relating to administrative and technical issues as well as areas where the present rules can distort behaviour or do not meet their policy intent. In particular, I would be interested in any proposals from the OTS on the regime of allowances, exemptions, reliefs and the treatment of losses within CGT, and the interactions of how gains are taxed compared to other types of income."

Separately, according to the Chartered Institute of Taxation, the House of Commons Treasury Committee is due to launch an inquiry into tax reform after the pandemic.

TAGS: individuals | tax | business | interest | United Kingdom | tax reform | Tax

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