Rishi Sunak’s capital gains tax review may usher in higher taxes on wealthy

Chancellor’s directive to focus on how people escape CGT ‘feels like starting pistol for a tax grab’, says analyst

Wealthy households could be in line for tax rises to claw back the cost of extra spending during the coronavirus pandemic, after the government called for a wide-ranging review of capital gains tax.

Rishi Sunak surprised backbench Tory MPs after he ordered the examination of the main tax on asset sales, which reaps billions of pounds for the exchequer each year on the sale of second homes, works of art and stocks and shares.

Continue reading…