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Capital Gains Tax
The Chancellors Pre-Budget Statement (October 2007) announced a fundamental change to this tax. The impact of the tax to date has been affected by indexation and taper relief and whether the asset in question is a personal asset or a business asset. All this is set to change from April 2008, with the proposal to abolish indexation and taper relief and with the introduction of a flat rate of tax of 18% on all gains on assets.
Planning remains important as some reliefs and exemptions will remain available after April 2008. Anyone considering disposing (selling or gifting) of an asset between now and next April should certainly take advice.
Our specialists are able to provide advice on Capital Gains Tax including both planning and calculating your potential liability. Advice should be taken before the disposal occurs, as afterwards there is often little that can be done to avoid a tax charge. Some disposals (gifts for instance) can also have Inheritance Tax implications as well. Bespoke advice is vital if you think a proposed transaction will give rise to a taxable gain.
