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Emergency Budget: Private client

Review of the Budget by David Kilshaw

For private client advisors the last few weeks have (the World Cup apart) had a single focus point: capital gains tax. From the personal tax perspective therefore the CGT changes in the Budget were the subject of a fever pitch of speculation.

In the event the changes were relatively low key: the rates did not rise as much as many feared all reliefs dodged the axe and the annual exempt amount remained at the level set previously (£10 100). The Chancellor had trailed generous entrepreneurial reliefs but they never materialised although the amount of gains that can qualify for entrepreneurs’ relief rose from £2 million o £5 million from 23 June 2010.

The first challenge for private client advisors will be to become familiar with the new CGT rules. Happily the changes were not that...

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