The Office of Tax Simplification (OTS) has extended the second more detailed call for evidence element of its review of the taxation of chargeable gains from 12 October 2020 to 9 November 2020. The review focuses on the application of chargeable gains to individuals and smaller businesses. The review is split into two parts: the first was a call for evidence seeking high-level comments on the principles of taxation of chargeable gains which closed on 10 August 2020; and the second, which has now been extended, invites more detailed comments on the technical detail and practical operation of the tax. The OTS intends to develop recommendations for simplification, including reducing distortions from both an administrative and technical standpoint.
The Office of Tax Simplification (OTS) has extended the second more detailed call for evidence element of its review of the taxation of chargeable gains from 12 October 2020 to 9 November 2020. The review focuses on the application of chargeable gains to individuals and smaller businesses. The review is split into two parts: the first was a call for evidence seeking high-level comments on the principles of taxation of chargeable gains which closed on 10 August 2020; and the second, which has now been extended, invites more detailed comments on the technical detail and practical operation of the tax. The OTS intends to develop recommendations for simplification, including reducing distortions from both an administrative and technical standpoint.
