FSL Chain Mail (16th November 2020)

FSL’s Chain Mail is a regular blog containing links to news articles that we think are worth sharing.

Following the Office of Tax Simplification’s Interim Report on their review of CGT, this edition of Chain Mail examines feedback from the industry.

The Financial Times suggests that an overhaul of the CGT system would create losers out of “wealthy individuals who hold second homes or assets outside tax-favoured vehicles”.  Another article offers the thoughts of accountancy firm specialists and their advice.

Wealth Briefing reported that Advisors ‘frowned’ upon the proposed changes and further comments from wealth managers, lawyers and other advisors included a warning that the “OTS proposals would essentially upend much of the tax system”.

An article from Professional Adviser gave the views of financial planners and though most believed the proposal was “highly concerning and will affect planning” others felt that “CGT needs to be radically overhauled and this is a good start”.

Wealth Manager spoke with four of 2020’s Top 100 wealth managers to get their views.

Lastly, the Chartered Institute of Taxation published their response to the report including potential concerns about an extension to holdover relief.

Look out for our next edition with more FSL Chain Mail links.