Capital gains tax threshold halved – tax to hit tens of thousands of people for first time | Personal Finance | Finance
“A less radical move would be for the government to cut the tax-free allowance from its current £12,300.
“The allowance has already been frozen until 2026, but Rishi Sunak could go one step further and cut the allowance.
“Chopping it in half, to £6,000, would generate £480million, while cutting it to £2,500 would give an £835million boost to government coffers, according to OTS predictions.”
Stuart Scott-Goldstone, partner and head of the Corporate & Commercial Team at legal firm Aaron & Partners, said in his predictions that any changes will likely come into force next year.
He said: “At his long-awaited Autumn Budget on Thursday, we know the Chancellor may target Capital gains tax (CGT) in a bid to bring in much-needed funds for the Treasury and to plug the £50billion black hole in public finances.
