The relief is surprisingly wide in scope, compared to some other tax reliefs, given that both debt and equity investments qualify, as well as investments in property trading companies.
A number of key markets had already been teetering on the brink of recession prior to the coronavirus outbreak, and the disruption caused by the international lockdown used to curb its spread now seems to have shunted the world into an unprecedented downt
In the same week as the EU stimulus package was agreed, the Irish Government has announced a series of measures to support the Irish economy, assist business and promote employment in response to the COVID-19 pandemic.
In practical terms, this is unlikely to change anything since most advisors have never recommended that settlors who are UK domiciled or deemed domiciled should make additions to existing excluded property settlements.
Superficially, it could increase the tax yield, but there are several issues with a wealth tax in the UK
From Stephen Porter, ArtHistorical, London W1, UK
The OBR has also suggested that there may be steep falls in CGT receipts over the next two years as property and other assets slump in value, applying further pressure on Sunak to increase tax rates to fill the gap.
All suppliers of cross-border services to private individuals in the EU, then, will be able to take advantage of the coming OSS scheme.