CGT payment date moved

Posted on 10 Oct 2013
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 Chancellor shifts 30-day payment window for CGT

Philip Hammond has come under fire for changing rules on paying CGT to improve government finances. A new 30-day window for paying the tax was due to be implemented in 2019, boosting the Treasury"s coffers in the 2019-20 financial year, but the Chancellor moved implementation to the next year meaning it will improve tax receipts in 2020-21 by £1.3bn – the year the government needs to hit its borrowing target. The Treasury Select Committee said bending the rules in this way risked damaging the government"s credibility and “flatters” tax receipts in that one year. But a Treasury spokesman said the move will ensure taxpayers are “well-prepared for the change”. The spokesman added: “The 30-day payment window is expected to increase taxpayer compliance, but it is right to allow people time to adjust to the changes to Capital Gains Tax before reducing the amount of time they have to make a payment.”

Source: The Daily Telegraph (22/01/2018) 

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