Rishi Sunak looks to target rich with review of capital gains tax to fill budget black hole
The IndependentSign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Get our free View from Westminster email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy A review of capital gains tax has been launched, prompting suggestions that Rishi Sunak will target the rich to help plug his vast budget black hole. One financial analyst described the review ordered by the Chancellor as “like the starting pistol for a tax grab ahead of the autumn budget later this year”. The OBR said the Treasury is likely to suffer steep falls in capital gains tax receipts over the next two years, as property and other assets slump in value, adding to pressure on Sunak to increase tax rates to fill the gap. Nathan Long, a senior analyst at the stockbroker Hargreaves Lansdown, told The Guardian: “It would be naive to assume the Chancellor didn't have his eye on tweaking taxes to refill his coffers.” But Matt Hancock, the health secretary, said: “As far as I understand, there is no proposal and the Chancellor is not looking at tax changes now.
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