In an open letter dated 13 July 2020 the Chancellor, Rishi Sunak, has asked the Office of Tax Simplification to investigate how capital gains are taxed for both individuals and smaller businesses.
Whilst the Treasury have advised that it is standard practice to keep taxes under review, this has led many experts to speculate whether changes to capital gains tax may be addressed in the autumn budget, with many wondering whether they will seek to align capital gains tax rates with income tax rates and review current exemptions, reliefs and allowances.
The Treasury have called for evidence to be submitted to the review by 12 October.
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