WebApr 11, 2024 · The Spring Finance Bill 2024 adopts the OTS recommendations in this area in full. Subject to Royal Assent, where separated couples transfer assets between them on … WebMar 23, 2024 · But it rejected others, and is not currently proposing to take forward any of the recommendations in the OTS’s earlier report on the design of CGT. Additionally the Government has rejected all 11 recommendations from the OTS’s July 2024 report on how to simplify the technical design of IHT.
OTS publish second review of Capital Gains Tax - KPMG
WebDec 2, 2024 · However, the government did accept five of the technical recommendations in the Office of Tax Simplification's (OTS’) second CGT report. One of these, the extension from 30 days to 60 days for reporting and paying CGT on UK property disposals, had already been announced at the Autumn Budget 2024. The OTS identifies an anomaly in the mechanics of the rules, which provides an incentive for homeowners to sell their gardens to a developer in preference to building another home to move into on their land. It recommends that Private Residence Relief be adjusted to cover developments in a … See more The OTS sees no realistic alternative to the nomination system, whereby a taxpayer who has more than one eligible home can choose which home they wish to benefit from Private Residence Relief. However, it makes a few … See more Business Asset Disposal Relief provides that, where at the time a business ceases there is a disposal of one or more business assets, relief … See more The OTS notes that the proceeds from the sale of a business or land can be received in several different ways. Proceeds can take the form of cash … See more The OTS identifies a range of challenges in the way debts are treated: 1. It is not always obvious whether a debt is a 'simple debt' (outside of the scope of CGT), or a 'debt on a security' (within scope). There is also lack of certainty … See more tnl the navigation leaders
OTS - Second capital gains tax report published - Boodle Hatfield
WebJul 28, 2024 · Chartered Institute of Taxation – CGT simplification – divorce changes welcome but plenty still to do. The Chartered Institute of Taxation (CIOT) has welcomed the Government’s publication of draft legislation making it less likely that separating couples will be hit by capital gains tax (CGT) charges but has drawn attention to other CGT … WebJun 9, 2024 · The OTS review into simplifying the UK CGT regime was requested by the Chancellor back in July 2024 and in response to this, a report was published in November … WebReport this post Report Report. Back Submit tnl troponin