An online survey has been published by the Treasury calling for evidence and seeking reviews regarding Capital Gains Tax (CGT), after Chancellor Rishi Sunak, has asked for a review in CGT rules from the Office for Tax Simplification (OTS).
The Chancellor's move raises concerns that there could be a tax raid to help offset the public expenditure accumlated during the coronavirus pandemic.
The Government has asked for suggestions for improvements from businesses, individuals, professional advisers and representative bodies asking which aspects of CGT are complex and difficult to get correct.
The Government will close the consultation on 20th October 2020 at 11:45pm.
Under the current rules CGT according to the Treasury are expected to reach £15.7 billion in the 2023/24 tax year and it predicts it will collect £17 billion the year after.
CGT provides more cash to the Treasury than tobacco and possibly by 2023/24 will provide more than alcohol duty too.
Make not mistake this is the first of many tax reviews, some have already been done e.g. pension tax relief, just not yet published, as the 'coffers' need to be filled to cover the borrowing costs of covid-19.