Independent Financial Advice Delivered Wherever You Are In The UK

Via Zoom, Phone or In-Person at our Sutton Coldfield offices. Call Our Friendly Team Now 0121 355 4455 to Secure Your Retirement

Oaklands Details

0121 355 4455
info@oaklandswealth.com
12A Duke Street
Sutton Coldfield
West Midlands
B72 1RJ

Oaklands Wealth Management Ltd

Capital gains tax receipts – still a target for the chancellor?

New HMRC data shows that in 2019/20, £9.9 billion of capital gains tax (CGT) liabilities were created.

Capital gains tax the last 20 years

In July last year, the Chancellor unexpectedly asked the Office of Tax Simplification (OTS) to review “Capital Gains Tax (CGT) and aspects of the taxation of chargeable gains in relation to individuals and smaller businesses”. The top tax rate currently sits at 28% (limited to residential property and carried interest) with 20% liability for other assets.

At the time, there was speculation that Rishi Sunak was looking at CGT as a way of raising extra revenue without breaking the Conservatives’ 2019 manifesto pledge not to increase rates for income tax, VAT and national insurance. Even with the additional tax raised by the recent announcements on increases to national insurance, CGT is still a tempting target in the next budget, for the Chancellor to increase government revenue further.

The OTS produced its first report on simplifying the design of the tax last November, prompting the rumour mill to forecast that CGT changes would appear in the spring Budget. However, CGT barely received a mention in March beyond the freezing of the annual exemption for five tax years at the 2020/21 level of £12,300. In May 2021, the OTS issued a second report examining “practical, technical and administrative issues” of making changes to CGT.

The focus for CGT announcements is now on the next Budget. In theory, it is due in autumn, but in practice, it could once again be delayed until spring. By then, the economic landscape should be clearer as pandemic support measures cease and we will have weathered another winter of Covid-19.

New data released by HMRC in August shows why the Chancellor may be tempted to follow the OTS advice to:

  • Reduce the annual exemption to “a true de minimis level … in the range between £2,000 and £4,000”; and
  • More closely align CGT rates with income tax rates. The OTS reckons this could theoretically raise an extra £14 billion, although it accepted “behavioural effects” would significantly reduce this figure in practice.

If you have unrealised capital gains, it could be wise to review them before the next Budget.

Interested in finding out more?

Seeking a second opinion on your financial future costs you nothing.

Simply call our friendly team on 0121 355 4455 or drop us an email to appointments@oaklandswealth.com to arrange a confidential chat.

Oaklands Wealth Management, founded by Helen Blackburn in 2004 advises clients across the UK on retirement planning, pensions & investments.

Her firm holds British Standard BS 8577 for client service & investment process.

Minimum investment is £500,000 (£650,000 for pension transfers).

IMAGINE YOUR PENSION & SAVINGS 100% UNDER CONTROL…
Book a call

Similar articles

MEET OUR FINANCIAL ADVISORS

Click to view profile
Click to view profile

THINKING OF MOVING FROM YOUR EXISTING ADVISOR?

It’s easy to move on from another advisor.
We’ll handle everything.

All that’s needed is for you to sign some letters of authorisation and we’ll do the rest.

None of your investments will be switched into new funds until you’ve agreed with our recommendations and you’re fully happy with any changes we propose.

Book a call

7 KEY FEATURES OF THE OAKLANDS WEALTH MANAGEMENT SERVICE

British Standard BS 8577 Awarded Service

12 Month Money Back Service Guarantee

Lifetime Cashflow Planning

Risk Adjusted Personal Investment Portfolio

ISO 222222 Certified Financial Advisors

Monthly Fund Analysis

2 Investment Portfolio Reviews Per Year

A WORD FROM OUR CLIENTS...

“Upon leaving Rolls-Royce after 26 years, I wanted to transfer my pension into an investment fund but find anything investment related a ‘black art’. Helen reviewed my circumstances and risk profile to develop my portfolio. Every Oaklands’ team member I’ve seen is an established professional and I would recommend Helen and her team in a heartbeat.”

Ian Foster

A WORD FROM OUR CLIENTS...

“After great dissatisfaction with the service of major high street banking group I approached Oaklands to manage my pension and investment portfolio. They have provided sound advice on pre- retirement planning and achieved a good return on our capital as well now in retirement. The service offered by Helen and the team at Oaklands is second to none.”

Peter Worral

A FRIEND FOR YOUR FINANCIAL JOURNEY...

THIS IS NOT A DIY SERVICE – WE TAKE FULL RESPONSIBILITY FOR SETTING UP YOUR PENSIONS AND SAVINGS. FOR LIFE.

No half measures. We don’t set it up then leave you all at sea. We manage your investments ongoing and hold ourselves accountable for steering you through your financial journey.

This phrase came from a client who said that’s exactly what we felt like to him, he said “you are like a friend or good neighbour who’s always got my best interests at heart.”

Whatever the reason you come to us we care. We really care. Like it’s our own money.

Tidying up bit and bobs of pensions and putting them neatly in a pot you have full control over.

Maybe transferring a final salary pension if your objectives are better met with your own pension.

Making sure you get all the tax efficiencies legally available to you to enhance your money.

Pointing the microscope on 3,000+ funds and finding the best ones to secure your retirement.

Get in touch
FEES
FEES
Find out more
OUR TEAM
OUR TEAM
Find out more
CLIENT JOURNEY
CLIENT JOURNEY
Find out more
ACCREDITATIONS
ACCREDITATIONS
Find out more