12 November 2020 - Doubling of Capital Gains Tax being promoted

"In the past, faced with either cutting services or increasing taxes, a Conservative Government would have chosen cuts. However, in order to comply with Boris Johnson’s pledge to increase Government investment in infrastructure, the NHS, and local Government, Sunak is planning to take a most unconservative path and raise taxes. To go against the grain even further, it is Capital Gains Tax that is first in his sights. This is the tax that applies to the profit made on the purchase and sale of an asset and is something that applies far more often to Conservative than Labour voters. A Government review of taxation has suggested that the rate of Capital Gains Tax should be doubled. Even this measure would bring in a relatively small proportion of the additional borrowings the Government has undertaken but is seen as symbolic of the Government’s commitment. " Beyond Currency Market Commentary: Aims to provide deep insights into the political and economic events worldwide that can cause currencies to change and how this can affect your FX Exposure.