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Capital gains tax receipts underline tempting target for Chancellor

14th Oct 2021 | Lifestyle, Tax

New HMRC data shows that in 2019/20, £9.9 billion of capital gains tax (CGT) liabilities were created.

In July last year, the Chancellor unexpectedly asked the Office of Tax Simplification (OTS) to review “capital gains tax (CGT) and aspects of the taxation of chargeable gains in relation to individuals and smaller businesses”. The top tax rate currently sits at 28% (limited to residential property and carried interest) with 20% liability for other assets.

If you have unrealised capital gains, it could be wise to review them before the next Budget.

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