Government responds to OTS report on CGT

02 Dec 2021

As part of its Tax Administration and Maintenance (TAM) Day, the government responded to a two-part review of capital gains tax (CGT) published by the Office of Tax Simplification (OTS).

Earlier this year, following a request from Chancellor Rishi Sunak, the OTS made a series of recommendations for simplifying CGT. These included the integration of the different ways of reporting and paying CGT into the Single Customer Account; extending the reporting and payment deadline for the UK property tax return to 60 days; and formalising the administrative arrangements for the 'real time' CGT service.

In a letter to the OTS, the Chancellor stated that its recommendations 'would require a number of wider policy trade-offs' and therefore require careful thought in regard to their impact on taxpayers.

Mr Sunak also said that the government has accepted five of the OTS's recommendations on the technical and administrative issues with CGT. These will 'offer some practical simplifications for taxpayers', he commented.

The Chancellor's full response can be read here.

icaew logo acca logo sage logo sageone logo bas xero

Home | Contact us | Accessibility | Disclaimer | Help | Site map | © 2022 Madisons. All rights reserved.

We use cookies on this website, you can find more information about cookies here.

Madisons is a trading name of Madison Business Services Limited Registered office: Bushbury House, 435 Wilmslow Road, Withington, Manchester, M20 4AF. Company Number: 03800186, VAT Registration Number: 741 1182 67 Registered to carry on audit work in the UK and Ireland and regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales. Details about our Audit Registration can be viewed at www.auditregister.org.uk and www.cro.ie/auditors for Ireland under reference number C009016107.
Telephone: 0161 434 3535 | Fax: 0161 445 0430 | Email: enquiries@madisons.co.uk.

Address
Madisons, Bushbury House, 435 Wilmslow Road, Withington, Manchester, Lancashire M20 4AF