In his letter, he said: “This review should identify opportunities relating to administrative and technical issues as well as areas where the present rules can distort behaviour or do not meet their policy intent.
“In particular, I would be interested in any proposals from the OTS on the regime of allowances, exemptions, reliefs and the treatment of losses within CGT, and the interactions of how gains are taxed compared to other types of income.”
What are the current rates?
The annual exempt amount is currently £12,300. Above that, rates are:
10 per cent if you are a basic rate taxpayer
20 per cent if you are a higher or additional-rate taxpayer
18 per cent and 28 per cent respectively for capital gains made on residential property - excluding the main residence
Can software help with CGT?
Yes. Taxfiler is able to help with your CGT calculations. Fancy a demo to see for yourself? Click here.