- In 2021, the OTS carried out a review of how individuals and small businesses are taxed on capital gains, which included recommendations on CGT policy design and the principles underpinning CGT, plus key tax technical and administrative issues. It concluded that given strong interconnections between income tax, CGT and IHT, any reform should consider all three taxes.
- While some of the recommendations have been implemented, this report was requested by a previous government, it is not clear whether the new government is considering the outstanding issues
- Timing: The timings of any specific CGT consultations and reforms further to the OTS recommendations have not yet been announced.
Resources (click to open)
- Chancellor responds to the Office of Tax Simplification (November 2021)
- Office of Tax Simplification: first CGT review report | TaxScape | Deloitte | Deloitte (May 2021)
- Office of Tax Simplification: second CGT report | TaxScape | Deloitte | Deloitte (May 2021)
- OTS Capital Gains Tax Review: Simplifying practical, technical and administrative issues (Second report, May 2021)
