24 January 2008    |    Uncategorized

Capital Gains Tax

The Treasury have today announced that the 18% flat-rate of Capital Gains Tax will be reduced to 10% on lifetime gains of up to £1m.

Whilst the loss of taper relief is significant for those selling their business, the lifetime limit of £1m should mean that few people in the Western Isles will reach this threashold, and will be unlikely to face the 18% rate.

At present it is unclear if the limit is lifetime or only from 1 April 2008, and if it is the former then there are opportunities for tax planning before that date.

Taxpayers should remember that all gains from all sources will be affected by this limit, and should take advice accordingly.

 

Disclaimer

The information provided is for general information purposes only.

Legislation and details may have changed since this was written.  The text may not include all matters that are relevant to your individual situation.

You should not make decisions, or refrain from making decisions, without taking further professional advice about your specific circumstances.

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