We all know the Chancellor needs to claw back big sums after propping up the UK economy over the last year.
In your head, you can see the logic but in your heart you are thinking: “Surely he can’t touch what I’ve worked hard to build, I’ve created taxable income for the country at my own risk, he can’t hit me when I’m due a reward”!
According to an Office of Tax Simplification report, Capital Gains Tax is being earmarked for big contributions to the Covid deficit.
The suggestion is 20% to 40% – a 100% uplift which will have a massive impact if you are planning to exit your business or bring down your stake.
To find how to get ahead of a likely 100% hike in Capital Gains Tax next month, download our guide here.
