Capital Gains Tax

Office of Tax Simplification to review CGT 

The Chancellor has asked the Office of Tax Simplification (OTS) to undertake a review of capital gains tax (CGT) and aspects of the taxation of chargeable gains, in relation to individuals and smaller businesses. In his letter commissioning the review,…
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Capital Gains Tax overhaul ‘to raise £90bn’?

Bringing taxation on assets in line with the regime for income tax could raise £90bn over five years, according to a recent report from the Institute for Public Policy Research (IPPR) which is calling for the removal of the capital…
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Employee shareholder status abolished following ‘abuse’

The only genuinely unexpected measure in yesterday’s Autumn Statement is the ending of favourable tax treatment of employee shareholders, a policy introduced in 2013. Employee shareholder status was originally intended as a way of allowing small companies to grow rapidly…
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HMRC warning on Entrepreneurs’ Relief tax avoidance scheme

New guidance has been issued by HM Revenue & Customs concerning a recently discovered capital gains tax avoidance scheme. HM Revenue & Customs has identified a scheme that attempts to exploit Entrepreneurs’ Relief by turning income into a capital gain,…
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The Autumn Statement: Taxing Income & Capital

The government will publish its Autumn Statement on 23 November 2016. This week’s blog will see four posts on what someone might expect to see over the next four or five years by way of reforming our overly complex tax…
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