The Chancellor, George Osborne, has announced that the Emergency Budget will be on 22nd June.
Capital Gains Tax is one of the target areas. The coalition document underpinning the agreement between the Conservatives and the Liberal Democrats states: “We further agree to seek a detailed agreement on taxing non-business capital gains at rates similar or close to those applied to income, with generous exemptions for entrepreneurial business activities.”
This means that CGT could be applied at 40%, however details remain vague about those with incomes over £150,000 who now fall into the 50% higher tax regime.
The effective date of any change is yet to be announced, which gives time to plan effectively. For advice regarding the impact of the CGT changes please contact us.
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