Rishi Sunak's multibillion-pound tax raid

Rishi Sunak is seeking to fill a £300bn-sized hole in the public books. Investors beware, says Emily Hohler

Britain’s wealthiest citizens could be in for a “multibillion-pound tax raid” after the Office of Tax Simplification (OTS) recommended a “major overhaul” of capital gains tax (CGT), says Camilla Canocchi in the Daily Mail. The review by the Treasury body, which estimates that the changes could raise the CGT haul from £9.6bn to £14bn, assuming taxpayers don’t alter their behaviour, was commissioned by the chancellor, Rishi Sunak, in July as the government considers options to repair the economic damage coming in the wake of Covid-19 (the bill currently stands at £300bn). The recommendations, detailed in a 135-page report, can be “broadly summarised” as aligning CGT rates with income tax and cutting the annual amount that is currently exempt from CGT, says Ian King on Sky News.

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Emily Hohler
Politics editor

Emily has worked as a journalist for more than thirty years and was formerly Assistant Editor of MoneyWeek, which she helped launch in 2000. Prior to this, she was Deputy Features Editor of The Times and a Commissioning Editor for The Independent on Sunday and The Daily Telegraph. She has written for most of the national newspapers including The Times, the Daily and Sunday Telegraph, The Evening Standard and The Daily Mail, She interviewed celebrities weekly for The Sunday Telegraph and wrote a regular column for The Evening Standard. As Political Editor of MoneyWeek, Emily has covered subjects from Brexit to the Gaza war.

Aside from her writing, Emily trained as Nutritional Therapist following her son's diagnosis with Type 1 diabetes in 2011 and now works as a practitioner for Nature Doc, offering one-to-one consultations and running workshops in Oxfordshire.