This week the government announced it was undertaking a review of the capital gains tax system to ensure it is “fit for purpose”.
The Chancellor has asked the Office of Tax Simplification for proposals “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.”
While the Treasury say this is standard practice, commentators have warned it could lead the way to “a tax grab” in the autumn.
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