The chancellor is considering plans to equalise capital gains with income taxThousands of entrepreneurs are calling on the chancellor to scrap plans to raise capital gains tax (CGT), warning it would stifle innovation and discourage risk-taking. More than 2,200 founders and bosses have signed an open letter that will be sent to Rishi Sunak this week, saying proposals that would see CGT brought into line with the higher rate of income tax would be counterproductive. Signatories include Sir Charles Dunstone, the founder of Carphone Warehouse, JoJo Maman Bébé’s Laura Tenison and Richard Joseph of homeware brand Joseph Joseph. CGT is levied on assets that have increased in value — such as art, property or shares — up to a rate of 20%. Sunak is mulling plans to equalise CGT with income tax, which peaks at 45%,

Source: The Times December 06, 2020 00:00 UTC