Chancellor mulls CGT rise

Posted on 23 Jan 2014
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Chancellor considering CGT increaseRishi Sunak is considering an increase in capital gains tax, with the Chancellor mulling a move that would bring the charge in line with the higher levels of income tax. The speculation comes after a November 2020 report by the Office of Tax Simplification recommended closer alignment of income tax and capital gains tax rates. Mr Sunak is also reportedly considering increasing corporation tax from 19% to as much as 24%. John O’Connell, chief executive of the TaxPayers’ Alliance, has warned ministers against “hammering savers and entrepreneurs”, arguing that CGT is “a double tax that harms investment”, adding that this is “precisely what we should avoid if we want to kick-start growth and help create jobs”.

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