Capital gains tax Archives

Autumn Budget Update: CGT on Residential Property

Though the Autumn Budget didn’t include the anticipated changes to capital gains tax (CGT) as suggested in the Office of Tax Simplification’s May 2021 report, one recommendation was announced. The deadline for reporting CGT on residential property sales will be extended from 30 days to 60 days. This new rule will be applied to all […]

The Office of Tax Simplification’s CGT Review: The Final Report

The Office of Tax Simplification (OTS) has finally published the final report of their review of capital gains tax (CGT). The first report, ‘Simplifying by design’, was published in November 2020 and considered the policy design and principles underpinning the tax. The second report, published this month, considers a range of key practical, technical and […]

The History of CGT

Following the budget, and as we wait for the latest announcements on capital gains tax (CGT) by the Treasury on Tax Day, we thought that it was a good time to remind ourselves of how this tax has evolved. Introduction in the 1960s CGT was first introduced by Labour Chancellor James Callaghan in 1965. It […]

The Office of Tax Simplification’s CGT Review: The Initial Report

The Office of Tax Simplification (OTS) has published the first report of their review of capital gains tax (CGT). It focuses on the policy design and principles underpinning CGT. The final report, which will follow early next year, will explore key technical and administrative issues. Both reports are based on findings from the OTS’s analysis […]

The Office of Tax Simplification’s CGT Review: Interim Update

On July 14, Chancellor Rishi Sunak commissioned the Office of Tax Simplification (OTS) to conduct a review of capital gains tax and aspects of the taxation of chargeable gains in relation to individuals and smaller businesses. Now over half way through its consultation process, the OTS is expected to provide an interim update on the […]

CGT Review Announced

Yesterday, the Chancellor announced that he has commissioned the Office of Tax Simplification (OTS) to conduct a review of capital gains tax (CGT). The move is being seen as a clear sign that CGT is likely to be one of the taxes that the government will seek to help fill the hole left in public […]