Martin Aitken & Co Ltd News & Developments

Martin Aitken & Co: news and comment

Capital gains tax receipts underline tempting target for Chancellor

New HMRC data shows that in 2019/20, £9.9b of capital gains tax (CGT) liabilities were created.

In July last year, the Chancellor unexpectedly asked the Office of Tax Simplification (OTS) to “review capital gains tax and aspects of the taxation of chargeable gains in relation to individuals and smaller businesses”. The top tax rate currently sits at 28% (limited to residential property and carried interest) with 20% liability for other assets.

Continue reading