TaxAdministrationCGT rise predicted in PBR

CGT rise predicted in PBR

Businesses could face an increase in the capital gains tax rate when the chancellor reveals his pre-Budget report next week.

Link: Chancellor plans tax cut to boost stock market

Industry observers are predicting a significant rise in CGT to be announced in the PBR on 2 December, given that the regime in the UK is one of the most generous in Europe, The Daily Telegraph has reported.

Currently the sale of business assets held for more than two years incurs a capital gain tax liability of only 10%, well below the average rates in most other countries that impose CGT.

The possibility of a rise in CGT could prompt businesses to sell assets early to take advantage of the current rate.

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