CGT rethink

CGT figures may prompt tax rethink With analysis showing that in the 2019/20 tax year, the total CGT liability was £9.9bn from 265,000 taxpayers over £65.8bn of gains, Connor Coombe-Whitlock in the Express looks at the role the levy may play at a time where Government spending during the pandemic has left a large hole in the public finances. Exploring ministers’ options when it comes to taxing capital wealth, he says officials could look at aligning the CGT rates with income tax rates, as recommended by the Office of Tax Simplification, or in the form of a one-off wealth tax, a step recommended by The Wealth Tax Commission.