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The Association of Private Client Investment Managers and Stockbrokers (APCIMS) has called for a further simplification of capital gains tax, to be more sympathetic of long-term share ownership.
The trade organisation - which represents more than 200 wealth-management and broking firms - urged the Government to move the base date and cost value for securities held prior to 1998, for the computation of CGT.
The abolition in the 2008 Finance Act of accrued RPI indexation allowance has retrospectively made purely inflationary gains between 1982 and 1998 liable to CGT, said the APCIMS, which wants to see the introduction of a reform to move the base date from when gains are computed from 1982 to the value of the shares in March 1998.
This, claimed the association, would allow long-term investors to uplift their cost base, some of which is purely inflationary gains. It would also overcome the problem of how far back a client's records need to be kept and the various CGT identification rules that were in place in the first half of the 1980s.
ACPIMS chief executive David Bennett remarked: 'Changes to CGT to move the base date from 1982 to 1998 would be a major further simplification, which would be welcomed by both the industry and investors.
'This change would also be relatively small in terms of revenue loss to the Government,' he added.
