joined the growing ranks of organisations critical of tax changes announced in
this week’s Pre-Budget Report, expressing concern over the ‘unintended
consequences’ of capital gains tax changes.
The group, which promotes the benefits of employee share ownership, said the
1.7m employees making monthly savings through a Sharesave Save As You Earn
scheme could now face an 18% tax charge instead of a possible 5% rate.
‘While the Treasury may have sound reasons for simplifying CGT, it would
appear the consequences for employees saving through employee share plans had
not been fully assessed. These apparently unintended consequences contradict the
government’s stated commitment to encouraging long-term saving and to its
support for wider share-ownership,’ it said.
Under current rules, basic rate taxpayers who hold on to their shares for two
years benefit from a 5% rate on any CGT liability when they sell. Higher earners
currently pay 10%.
"The whole idea of HMRC officials supplying confidential information about individuals to the media on a non-attributable basis is, or should be, a matter of serious concern," say Supreme Court judges
Crowe Clark Whitehill , the top 20 accountancy firm, has announced the promotion of Chris Mould to partner
The latest opinions from Accountancy Age on Making Tax Digital, and outline plans to evolve the UK's corporate governance regime
Five million taxpayers are ow using digital personal tax accounts (PTA) as part of the making tax digital strategy, HMRC said