Hi all,
I know the government is currently looking to reform tax and CGT is on their target list. I am aware that the autumn budget has been postponed but will probably be announced after Christmas sometime.
My question is as follows:
Can the government make a change to the tax rules and retrospectively ask for tax? for example if i have already made a £5000 capital gain this tax year which is well within the current £12300 tax free allowance, can the government say right as of tomorrow we are scrapping the CGT allowance, you now owe us tax on the £5000 capital gain you have already made earlier in the year?
Thanks
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