“A review of capital gains tax commissioned by chancellor Rishi Sunak this week proposed big reforms to the levy, including raising CGT rates to similar levels as income tax rates and cutting the annual allowance.” writes Emma Agyemang at the FT
The talk about tax is designed to soften people up and expect change.
It could mean income tax for business owners who use CGT as a means to reduce tax. What about abolishing the uplift on death CGT. The CGT annual exemption to £5,000.
Clearly, this is all speculation. There is probably no point in taking action. But it does make sense to recognise things are likely to change. As such, reviewing your financial affairs makes sense.