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Reform of capital gains tax on the horizon?
The recently published Office of Tax Simplification (OTS) report on capital gains tax (CGT) went a lot further than simply proposing an increase in CGT rates. While it's important not to read too much into the report, rumours of changes to the CGT regime have been around for some time now. CGT raises only around £8bn in tax each year - compared to £180bn from income tax – but the present government's commitment not to raise income tax, National Insurance contributions or VAT definitely puts CGT in the firing line.
The main recommendations from the OTS are: