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ESG Diligence: The Key To Sustainable M&A Transactions
AAB / Blog / No CGT hikes on the horizon
BLOG17th Dec 2021
Last year the Office of Tax Simplification (OTS) proposed that Capital Gains Tax (CGT) rates should mirror Income Tax rates which would have seen the top rate of CGT rise to 45% from 28%, in order to help ‘close the gap’ on the financial burden which has arisen due a direct result of the COVID 19 pandemic.
Chancellor, Rishi Sunak, has disregarded this recommendation and as such is abandoning the chance to raise as much as £14bn a year by reforming CGT and instead reassuring investors and entrepreneurs alike that CGT tax rates won’t rise for at the least the lifetime of this parliament.
Although the government have refrained from making any changes to the rates of CGT, they have accepted these five recommendations from the OTS:
In creating a central hub for reporting and storing capital gains data to keep track of information such as capital losses, main residence nominations and enterprise investments this would ease the administrative burden for all the 500,000 or so people who file returns in any given year.
A consultation on these proposals is due to take place next year.
There are a further five recommendations from the OTS which are under consideration and the government will continue to keep the tax system under constant review to ensure it is simple and efficient.
Whilst the above measures will be welcomed by many it’s not all good news. Announced in the recent budget was an increase in National Insurance and dividend tax rates from April 2022 of 1.25%. From April 2023 this increase will become a separate Health and Social Care Levy which means employees who do not pay National Insurance on account of their age will be subject to the 1.25% charge.
For more information on any of the above, please don’t hesitate to contact Carol Edwards or your usual AAB advisor.
How AAB can help
Our team support a diverse array of individuals such as employed professionals, business owners, families and international sports stars. As AAB clients, they all benefit from absolute confidentiality and share a unified goal of optimising and safeguarding their personal wealth. Our services extend far beyond mere tax return completion. In addition to standard personal tax compliance, our dedicated team of personal tax specialists delivers dependable and practical tax advice, ensuring full compliance and optimal positioning.
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