WebJan 14, 2024 · In July 2024, The Chancellor of the Exchequer Rishi Sunak asked the OTS to review the CGT regime. The main recommendations of the OTS report, focused on the policy design and principles underpinning the tax published in November 2024, were; The rates of CGT and Income Tax should be “more closely aligned”. WebApr 11, 2024 · The Spring Finance Bill 2024 adopts the OTS recommendations in this area in full. Subject to Royal Assent, where separated couples transfer assets between them on or after April 6 2024, the transfer will take place at ‘no gain, no loss’ for CGT purposes until the earlier of: the end of the third tax year following the tax year of separation ...

Who gains in the OTS report on CGT? - Wilberforce Chambers

WebJul 23, 2024 · Capital gains tax (CGT) is the tax paid on gains realised on the sale of assets such as land, buildings, dwellings, shares and other property. The rates of CGT are low … WebThe first OTS CGT report suggests that alignment of Capital Gains Tax rates with Income Tax rates could raise an additional £14 billion a year for the Exchequer. However, it is … rockaway beach oregon hotels and motels

Office of Tax Simplification: Second CGT report - Deloitte

WebThe OTS has done so in two stages. The OTS’ first report was published on 11 November 2024 and focused on the policy design of, and principles underpinning Capital Gains Tax (CGT). Matters considered included CGT rates, the boundaries between income tax and CGT, the annual exempt amount and capital transfers (i.e. gifts and bequests). WebJun 3, 2024 · The Office of Tax Simplification (OTS) published its second report on capital gains tax (CGT) reform on 20 May 2024. The first report (November 2024) addressed … WebThis new report, written in response to the Chancellor’s request in July 2024, is the first that the Office of Tax Simplification (OTS) has devoted to Capital Gains Tax. ostheo chantonnay