Capital Gains Tax

(asked on 17th November 2020) - View Source

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what recent assessment he has made of the potential merits of aligning Capital Gains Tax more closely with Income Tax.


Answered by
Jesse Norman Portrait
Jesse Norman
This question was answered on 23rd November 2020

Capital Gains Tax (CGT) is an annual tax charged on the profits made on an asset between the point of its acquisition and its disposal.

Earlier this year, the Chancellor commissioned the Office for Tax Simplification to examine and make recommendations on how to make CGT as clear and efficient as possible, including considering the interactions of how gains are taxed compared to other types of income.

The Government keeps all taxes under review, and any changes are made at fiscal events within the context of wider public finances. The Government’s priority is to support jobs and the economy, through the Winter Economy Plan and Plan for Jobs.

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