Should the Chancellor raise capital gains tax? | IFS Zooms In скачать в хорошем качестве

Should the Chancellor raise capital gains tax? | IFS Zooms In

Sign up to our live event: https://ifs.org.uk/events/ifs-zooms-l... There’s been lots of speculation that Chancellor Rachel Reeves is looking to raise Capital Gains tax in her upcoming budget. Capital Gains tax (CGT) raises around £15 billion a year, which is less than 2% of total tax revenue, and it’s paid by less than 1% of the adult population. But it’s important for both the fairness and efficiency of the tax system. In this episode, we’ll explore why CGT reform is necessary and how changes could make the tax system fairer, more efficient, and better aligned with long-term economic growth. We’ll also ask what Rachel Reeves would need to do if she wants to raise significant additional revenue from taxing capital gains. To explore that, Paul is joined by IFS Deputy Director, Helen Miller and Dan Neidle, a tax lawyer and founder of Tax Policy Associates. Become a member: https://ifs.org.uk/individual-membership Find out more: https://ifs.org.uk/podcasts-explainer... 00:00 Introduction: The Beatles and Capital Gains 00:28 Welcome and IFS Live Event Announcement 01:20 Capital Gains Tax and the Budget 03:02 What is Capital Gains Tax? 04:00 Who Pays Capital Gains Tax? 06:00 Why Capital Gains Tax Exists 07:12 Examples of Converting Income to Capital Gains 09:10 Capital Gains Tax and Incentives 10:13 Three Types of Capital Gains 11:39 Complications in Raising CGT Rates 13:45 Fixing the Tax Base 16:07 Business Owners and Capital Gains 18:45 A Better System for Taxing Labour and Investment 21:01 Business Asset Disposal Relief (BAD Relief) 23:35 Should Entrepreneurs Get Tax Relief? 26:43 Carried Interest and Private Equity 32:03 Capital Gains Tax at Death 36:10 Avoiding Capital Gains by Moving Abroad 38:00 Closing Remarks: CGT Reform and Budget Concerns