New Businesses: Capital Gains Tax

Lord Bhatia Excerpts

Wednesday 20th January 2021 Lords Chamber

[Baroness Penn (Con)]

My Lords, the Government are absolutely committed to levelling up across the UK, including by incentivising investment in areas outside London and the south-east. When it comes to capital gains tax and wider tax measures, the report by the Wealth Tax Commission actually found that, on a narrow definition, UK taxes on wealth are about average for G7 countries, and on a slightly wider definition, our taxes on wealth are among the highest of the G7 countries.

[Lord Bhatia (Non-Afl) [V]]

My Lords, can the Minister confirm whether new businesses will benefit from this equalisation?

[Baroness Penn (Con)]

My Lords, the proposals for equalisation are currently in a report from the Office of Tax Simplification and do not represent government policy—although of course the Government will look at the recommendations of that report very carefully.