Richard Heasman BA (Hons) ACA MAE
- Partner and Head of Forensic Accounting
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View all peoplePublished by Richard Heasman on 17 August 2020
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Many of you may have seen from the press, or our website that Chancellor Rishi Sunak has asked the Office of Tax Simplification to review the Capital Gains Tax system in relation to individuals and small businesses
We are all too aware that government finances are stretched under current circumstances, and some amongst us may see this as an opportunity for him to raise additional funds. Some believe that the current system is open to abuse. The distinction between what is income and what is a gain can sometimes be uncertain. Those running companies have options on how to extract funds, and with lower Capital Gains Tax rates compared with Income Tax rates, capital gain treatment may be preferable.
Obviously only time will tell if there are any changes to the rules that many are familiar with. However, whether you are pessimistic by nature, a regular review of your circumstances is always a sensible option, and one now may avoid losing out later.
So, what basic points should you consider?
These points are just a brief indication of some of the general areas to consider. Capital Gains Tax can become very complex, but with timely and thoughtful planning exposure can be reduced. And remember the rules may be less generous in the future!
If you would like to discuss the topics explored in this article, please contact us here.
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