TAX SIMPLIFICATION
Making things simpler Christy Wilson considers two reports by the Office of Tax Simplification on how to simplify capital gains tax.
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Christy Wilson Tax Associate, Katten Muchin Rosenman UK LLP
this year than initially estimated at the start of the pandemic. Undoubtedly, the chancellor Rishi Sunak will be keen to ensure that the government recoups some of the money that it has spent during the pandemic. In July last year, the chancellor actively encouraged the Office of Tax Simplification (OTS) to review the CGT system and stated: “I would like this review to identify and offer advice about opportunities to simplify the taxation of chargeable gains, to ensure the system is fit for purpose and makes the experience of those who interact with it as
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here is no denying the enormous strain that the Covid-19 pandemic has put on the UK’s finances over the last 16 months. In fact, according to the Institute for Government, the deficit is now expected to be at £394 billion in 2021. This is £339 billion higher than had been anticipated before restrictions were first imposed back in March 2020. Furthermore, tax revenues are also forecast to be lower than originally anticipated, with the likes of capital gains tax expected to provide 29% less, business rates 39% less and stamp duty 34% less revenue
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