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Increase in Capital Gains Tax
An emergency Budget is now set to follow the formation earlier this week of the coalition government. The Conservatives promised a Budget within 50 days of coming into office and, whilst the timing and content are not yet known, what is clear is that we are likely to see a significant increase in the rate of Capital Gains Tax on non-business assets.
Such tax reforms are likely to affect all individuals and trustees holding capital assets, and could see a hike in the rate of Capital Gains Tax from the current rate of 18% to rates of up to 50%.
There is still a window of opportunity to undertake planning measures to lock in gains at current rates before the above measures are implemented.
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If you are likely to be affected by the above proposals, please contact Tracy Jenkins, Tax Director, or your normal contact at HWB, on 023 8046 1200, for more information. |
HWB
Chartered Accountants, Highland House, Mayflower Close, Chandlers Ford, Eastleigh,
Hampshire, SO53 4AR.
