Lisa Spearman, Partner at Mercer & Hole, comments on the announcement yesterday the government is considering changes to Capital Gains Tax (CGT) for both private individuals and entrepreneurs.
“The prospect of changes to the CGT system has been on the radar for some time. The Office of Tax Simplification has issued a call for evidence and will be undertaking a review in the coming months. Mercer & Hole will be actively engaged in the consultation process and we will comment further as matters become clearer. Despite widespread speculation in the press, the exact changes are not clear but if you are considering making gifts or selling assets in the near future – particularly if buyers are taking advantage of the stamp duty holiday – please talk to us first. There are some important changes which have come in already such as 30 day reporting and we are well equipped to help you plan your transactions in a tax efficient and practical way and help you meet all your filing obligations so as not incur penalties.”