APCIMS calls on govt for simpler CGT rules

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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