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Tackling low awareness
Key points
- Most taxpayers have little awareness of capital gains tax and rarely have to pay it.
- When business disposal proceeds are deferred the capital gains tax due should be paid when the cash is received.
- Couples who separate should have more time to make transfers to each other on a ‘no gain no loss’ basis.
- Extend the deadline for reporting and paying capital gains tax on property transactions or mandate estate agents or conveyancers to distribute information.
- Review the enterprise investment scheme rules to remove anomalies to ease the application process.
- HMRC guidance could be improved to boost understanding.
In July 2020 the chancellor of the exchequer asked the Office of Tax Simplification (OTS) to carry out a review of capital gains tax to ‘identify opportunities relating to administrative and technical issues as well as areas where the present rules can distort behaviour or do not meet...
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