The Association of Private Client Investment Managers and Stockbrokers (APCIMS) has urged the government to simplify capital gains tax rules which penalise long-term shareholders.

In a submission to HM Treasury’s pre-budget report, APCIMS calls on the government to move the base date and cost value for securities held before 1998 for the computation of capital gains tax, MoneyMarketing reports.

The trade association claims long-term shareholders are being unfairly penalised and is pushing for the government to move the base date from when gains are computed from 1982 to the value of the shares in March 1998 in an effort to enable long-term investors uplift their cost base and make record keeping on CGT identification rules easier.

‘Changes to the CGT to move the base date from 1982 to 1998 would be a major further simplification which would be welcomed by both the industry and investors,’ David Bennett, ACPIMS chief executive, said. ‘This change would also be relatively small in terms of revenue loss to the Government.’

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