Back in July 2020, I wrote about the Chancellor commissioning the Office of Tax Simplification (OTS) to undertake a review into Capital Gains Tax (CGT) in this article OTS review of Capital Gains Tax. The OTS have duly now released the first of two reports – this one being focused on policy design. To be […]
On 13 July, the Chancellor wrote to the Office of Tax Simplification (OTS) to request that a review is undertaken of Capital Gains Tax (CGT). Aspects he specifically mentions the review look into are allowances, exemptions, reliefs, losses, and how gains are taxed in comparison to income. His aim of the review is to assist […]
Further to the commencement of the new tax year last week, it is now necessary for an online capital gains tax (CGT) return to be submitted in certain cases where a building is disposed of. Where such a tax return is required, the submission deadline will be 30 days from the date of completion.
On 11 March 2020, the new Chancellor, Rishi Sunak, delivered his first Budget. It was also the first Budget since Boris Johnson became Prime Minister in July, the General Election in December and the departure from the European Union in January. A lot has changed!
At the end of last month the All-Party Parliamentary Group for Inheritance & Intergenerational fairness (APPGIIF) published a report which recommended a complete overhaul to the inheritance tax (IHT) system. It should be noted that the APPGIIF is an informal group, and whilst is contains members from both the House of Commons and House of […]
Earlier this month the Office of Tax Simplification (OTS) published its second and final report in relation to its review into inheritance tax (IHT). As a brief reminder, the first report, as published back in November 2018, looked at the administration side of IHT. This second report focuses on the design and calculation of IHT, […]