Simon Misiewicz US & UK Taxes's video: Capital Gains Tax replaced by income tax in 2021

Capital Gains Tax replaced by income tax in 2021? Read the article here: https://www.optimiseaccountants.co.uk/knwbase/will-capital-gains-tax-change-in-2021/ Watch video: https://youtu.be/rcfKzvEauro OTS Capital Gains Tax Review: Simplifying by design https://www.gov.uk/government/publications/ots-capital-gains-tax-review-simplifying-by-design 2021 Capital Gains tax Changes: https://www.youtube.com/watch?v=nU-LP0KwUK0 ===== [A more detailed analysis of the previous video] In this video you will learn from Simon Misiewicz, your property tax specialist, of Optimise Accountants ▶ The OTS’s extensive consultation revealed a range of areas in which Capital Gains Tax is counter-intuitive and creates odd incentives. Some respondents argued that Capital Gains Tax is a barrier to economic growth, others that it is a barrier to a more equitable society. ▶ In June 2020 Rishi Sunak the chancellor of the exchequer commission the Office of Tax Simplification (OTS) to look at Capital Gains Tax. The purpose of the review was to simplify the administrative burdens od the tax system whilst creating equality for all tax payers ▶ Bill Dodwell, Tax Director, Office of Tax Simplification said: If the government considers the simplification priority is to reduce distortions to behaviour, it should consider either more closely aligning Capital Gains Tax rates with Income Tax rates ▶ Bill adds that the annual Capital Gains Tax allowance of £12,300 should also be reduced ▶ Basic rate tax payers pay 10% CGT on non residential assets and 18% for residential assets after the £12,300 annual exempt amounts for CGT purposes. The proposal is that this is increased to 20% ▶ High rate tax payers pay 20% CGT on non residential assets and 28% for residential assets after the £12,300 annual exempt amounts for CGT purposes. The proposal is that this is increased to 40% ▶ Additional rate tax payers pay 20% CGT on non residential assets and 28% for residential assets after the £12,300 annual exempt amounts for CGT purposes. The proposal is that this is increased to 45% ▶ Interaction with lifetime gifts and Inheritance Tax: Capital Gains Tax incentivises owners to transfer business and personal assets to others on death rather than during their lifetime. This may not be best for the business, the individuals or families involved, or the wider economy. ▶ Rishi Sunak asked for the report to be written by the Office of Tax Simplification (OTS) to see how the gap between investors and the common person can be bridged. ▶ Rishi Sunak already made a fundamental change with the reduction of entrepreneurs relief from £10 million to just £1 million. ▶ The government has poured a substantial amount of money into the economy and will need to find way for this money to be repaid. One of the ways to get this money repaid is through Capital Gains Tax (CGT) ===== Capital Gains Tax when selling a buy to let Work out how much CGT you will pay when selling a buy to let property. We will show you ways to reduce it too. Download today, save tax tomorrow. £9.95 to download Buy now https://bit.ly/2XkxbTF ===== ===== Online business and investment tax learning & community Over 100 videos, tax guides and excel templates for you to set up and run your business and investments in the most tax efficient way. Get your free 28 day trial to the Tax Know How online community here: https://uk_tax.teachable.com/purchase?product_id=2521318 ===== Our accountancy and tax services: To speak with one of our business development managers about our services click here https://optimiseaccountantsltd.as.me/?appointmentType=190078 Monthly fees • £89.95 1 X self assessment tax returns • £99.95 2 X self assessment tax returns • £99.95 per month inc VAT for 1 X limited accounts and tax returns • £139.90 1 X limited company accounts and 1 X self Assessment tax returns • £159.90 1 X limited company accounts and 2 X self Assessment tax returns ===== Prefer a one off tax consultation? Want to speak with a property tax specialist to ensure that you have the right tax structure in place? We will spend the following time working for you as follows: - 30 minutes to read all the questions and information provided and identify tax solutions - 30 minutes in the meeting with you to discuss the very best tax solutions. - 30 minutes to send you the email and do further research as required - 15 minutes to clarify any questions that you may have after the call Tax call fee Options 30 minute tax call with any member of our tax advisors will cost £198.75 from the usual price of £265 Use code “YoutTube25” to get 25% discount - Book a tax saving call here: https://optimiseaccountantsltd.as.me/optimiseaccountantstaxconsultation ==== Call to discuss our retained tax services https://www.optimiseaccountants.co.uk/consultation-free-service-discussion Calculate and save tax today: https://www.optimiseaccountants.co.uk/tax-calculators/