Capital gains tax consultation

The Office of Tax Simplification has published an online survey and call for evidence on the UK capital gains tax regime (covering both CGT and corporation tax on chargeable gains). The consultation seeks views from individuals, businesses and professional advisers and representative bodies on aspects of CGT which are ‘particularly complex and hard to get right, and to hear any suggestions for improvements’.

Phase one of the consultation will consider ‘high-level comments on the principles of CGT’ by 10 August 2020. Phase two will focus on ‘the technical detail and practical operation of CGT’ by 12 October 2020.

As EY notes: ‘The review is focused on smaller businesses, including single entity owner-managed companies, and individuals. It therefore does not extend to issues specific to corporate groups, such as the substantial shareholding exemption, company reorganisations or demergers. The review will also not extend to trust and domicile issues.’