No Autumn Budget - what does that mean for CGT?

There was no Autumn Budget this year so it is now likely that any major tax changes will not be announced until 2021.

This seems like welcome news for those rushing to get deals done ahead of the Budget in case of increases to the rates of CGT. However we would sound a note of caution in that the Chancellor’s CGT review is ongoing and is covering many areas including:-

• chargeable gains on shares and securities, including holdings of listed shares;

• the acquisition and disposal of property;

• the practical operation of principal private residence relief;

• consideration of the issues arising from the boundary between income tax and capital gains tax in relation to employees.

It should be the case that any changes would come in 2021 but we live in unpredictable times and it would still be sensible, where commercially possible, to get on and complete sales that are currently underway or are in contemplation.

Posted on 26/10/2020 in Tax News


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