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UK tax breaks under review
TAX breaks that encourage house “flipping” when selling could be ruled out as part of a government review. The Office of Tax Simplification has evaluated 13 tax reliefs in a provisional exercise to understand how to either scrap or simplify the UK’s 1,042 tax breaks.
Capital gains tax relief on private homes “remains as valid today as in 1965, if not more so,” it said, though it was “questionable” whether its three-year time frame encouraged flipping. Others such as R&D tax credits and Gift Aid, a tax break on charitable donations, were endorsed.