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One in three wannabe Chancellors would increase Capital Gains Tax

21st November 2016 Print

An online quiz of more than 6,500 people by financial services firm, NFU Mutual, has shown Capital Gains Tax (CGT) to be the most popular tax to hike up. Given the choice of raising one tax, 34% of people chose CGT, the tax on gains made when you sell or give away assets such as second homes and shares.

In the quiz, which ran on Facebook and Twitter in the run up to this year’s Autumn Statement, a similar number of people - 36% - said they would cut VAT if given the choice. Cutting income tax is more popular with those under 30 than those in their 50s and 60s, while raising inheritance tax is, rather predictably, less popular as people get older.

Ahead of the Autumn Statement on 23rd November, Sean McCann, chartered financial planner at NFU Mutual, said: “Many taxes are unnecessarily complex but there are some very simple steps people can take to make sure they don’t pay more tax than they need to. Getting advice on your own circumstances has never been more important.

“With record low interest rates and consistent investment returns hard to find, money saved in tax reliefs and exemptions is becoming ever more important to prudent savers and investors.”