Investors on 'high alert' as OTS proposals could triple population subject to CGT

Current GTS rates may double in line with income taxation

Office for Tax Simplification (OTS) proposals published this week could see the number of UK tax payers subject to capital gains tax (CGT) triple, according to tax experts, who warn investors should be on "high alert" over the controversial plans.

The OTS plans could raise around £14bn for the public purse by cutting exemptions and doubling rates, with the government-run body arguing that the current system can "distort behaviour" as taxpayers look to reduce their bill. Revealed: Winners of the Tax Efficiency Awards 2019/20 It could see current GTS rates, which are 10% for basic-rate taxpayers and 20% for higher-rate taxpayers, doubled as part of plans to bring rates closer in line with income tax. Commenting on the proposals, head of international tax at Andersen Miles Dean acknowledged that taxation of capital gains has "b...