CGT rise could require retirement debt help

Iain Duncan Smith has announced that the government will be "listening" to concerns about the rise in Capital Gains Tax (CGT), such as how it may force older people to seek debt advice.

The Work and Pensions Secretary told Andrew Marr on his BBC show that there would "major exemptions" to the tax rise, in the hope of saving millions from having to seek debt solutions.

This comes after several high-ranking Tories argued that a rise in CGT will give financial problems to people who have invested in property or shares for their retirement.

David Davis stated in the Daily Mail that "Far from taxing the rich, it will simply tax the elderly at their point of maximum vulnerability – when they enter retirement."

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