RE: CGT under review11 Nov 2020 14:48
learly a key stream of income for the Treasury, a critical review is now underway upon request by the Chancellor.
This evaluation follows key changes implemented earlier this year. The changes include a reduction to final period exemption for private residence relief; a new 30-day reporting rule where taxable gains are made on the disposal of UK residential property after 6 April 2020; a cut to Entrepreneurs’ Relief (ER), and the restriction of lettings relief.
Speculating about what may come of the review is all too easy. This is especially true when you consider that the government is looking to claw back some of the money spent on Coronavirus measures. It is important to remember that, at this stage, it is just that – a review.
The consultation ends on 9 November 2020. It is unlikely, however, that any changes will be implemented until 2021-22 at the earliest.
Create a pandemic and screw the economy, then tax the people more and justify the increases by blaming COVID, which the masses will agree is the only way. The economy recovers and billions of pounds of debt and interest paid back to the lenders who kindly loaned us plebs the cash to help us out during these troubled times then and only then will tax cuts be made to win the politicians an election because they are helping us out. Lovely plan. I'm not cynical much.....