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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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...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes: