Written by James Heathcote | Director, Private Client Advisory. Lancaster Knox
I'm sure it won't have passed you by that the Chancellor of the Exchequer, Rishi Sunak MP, has written to the Office of Tax Simplification ("OTS") requesting a review of the Capital Gains Tax ("CGT") regime. This is hardly surprising, with the Government needing to bolster its finances for a post-Covid recovery. The scope of the review is very broad, and HM Treasury is clearly of the view that there is a multitude of options for simplifying the regime and generating additional income.
Of course, no one knows what the recommendations of the OTS will be, or how many of those will be taken up by the Government. Nonetheless, now is still the time to consider clients' tax positions and to think about what might be down the road.
These are just a few of our thoughts on what we might expect to see from the OTS review, but there really is no crystal ball. Nonetheless, it is incumbent on us as advisors to prepare for seemingly inevitable change and to begin those conversations with our clients in good time.
Get in touch:
As always, please do not hesitate to get in touch if you would like to have a confidential discussion about anything private client tax-related.
James Heathcote
M: +44 (0) 7557 647 543
Find out why leading brands in the private client industry are partnering with PCD to raise their profile, make connections and drive new business.
Find out how you can participate in the leading club for international private client advisors and unlock opportunities around the globe.