The Times reports (15 June) that plans for a rise in the rate of capital gains tax may not generate sufficient revenue to finance the raising of the income tax personal allowance to £10 000 a central part of the coalition agreement. According to figures release by the Office for Budgetary Responsibility 'the forecast for CGT is lower than in the March Budget mainly because of lower forecasts of equity prices and volumes and a lower volume of residential transactions.' According to The Times this leaves a '£1.5 billion black hole' even before any proposals are brought forward in the Budget on 22 June.
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The Times reports (15 June) that plans for a rise in the rate of capital gains tax may not generate sufficient revenue to finance the raising of the income tax personal allowance to £10 000 a central part of the coalition agreement. According to figures release by the Office for Budgetary Responsibility 'the forecast for CGT is lower than in the March Budget mainly because of lower forecasts of equity prices and volumes and a lower volume of residential transactions.' According to The Times this leaves a '£1.5 billion black hole' even before any proposals are brought forward in the Budget on 22 June.
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