The Financial Times has published Katharine Arthur‘s letter to the editor, with regard to recent changes to Capital Gains Tax and the challenges HMRC is facing as a result.

CGT is reaching record levels in the UK as more taxpayers get trapped in the net as a result of inflation and reduced exemptions. This results in HMRC being required to process many more returns and collect the tax due.

The key takeaway from Katharine’s letter is that it is unclear whether HMRC’s systems are ready to deal with the required increase in the reporting of gains, for the large number of small gains now reportable.

You can read Katharine’s comments in full in the FT article here (subscription needed).

If you need further advice, please get in touch with Katharine, Partner and Head of Private Client, here.