Capital gains tax under review as Treasury considers overhaul

August 2020

The Government has called for a comprehensive review of the capital gains tax system.

Chancellor Rishi Sunak has commissioned the Office for Tax Simplification (OTS) to review how asset sales are taxed.

Capital gains tax applies on the sales of assets such as second homes, stocks and shares, most personal possessions, and business assets.

The levy raised more than £9 billion for the Treasury in 2018/19, and is on course to fetch roughly the same figure in 2019/20.

In a letter to the OTS, Sunak said:

“This review should identify opportunities relating to technical and administrative issues as well as areas where the present rules can distort behaviour or do not meet their policy intent.”

“I would like this review to identify and advise on opportunities to simplify the taxation of chargeable gains, to ensure the system is fit for purpose.

“I would be interested in any proposals from the OTS on the regime of allowances, exemptions, reliefs and the treatment of losses.”

The review follows a separate report from the Office for Budget Responsibility, which said the Government needs to tackle the growing deficit in spending.

The Chancellor said Government spending to protect people’s jobs, incomes and businesses in the wake of the COVID-19 crisis has passed £160bn.

Talk to us about capital gains tax planning.
Business news
Finsbury Robinson

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Suspendisse varius enim in eros elementum tristique. Duis cursus, mi quis viverra ornare.

Contact Us
Recent News

No items found.

See All News

Sign up to our
Monthly Business Newsletter

Sign up to receive our monthly Business Newsletter that will keep you up to date with everything going on in accounting, tax, and finance. 

Finsbury Robinson Services
R&D Tax
Has your company undertaken
any R&D related activities?
Find OUt More
Affected by the
Let Property Campaign?
Find OUt More
Check out our fixed price
Accounting and Business Packages
Find OUt More
Free Book-keeping
Software for all Clients
Find OUt More
Free Auto Enrolment Pensions Advice
Calculate your Contribution!
Find OUt More
Are you aware of the Capital Gains Tax Changes coming?
GDPR Compliance
Find OUt More

Sign up to our Monthly Business Newsletter

Find News Articles by Category

News HomeCapital Gains Tax
Capital gains tax under review as Treasury considers overhaul
To get in touch use our Quick Contact Bar:

Monday                 8:30AM – 5:30PM
Tuesday                8:30AM – 5:30PM
Wednesday          8:30AM – 5:30PM
Thursday              8:30AM – 5:30PM
Friday                 9:00AM – 12:30PM
Saturday                                 Closed
Sunday                                   Closed

Finsbury Robinson
237 Westcombe Hill