Capital Gains Tax
is changing after 6th April 2008!
The current CGT rates are to be ‘simplified’ in that a flat rate of 18% will
apply but there will be winners and losers under these reforms. Some of these
are as follows:
Possible Winners
- Higher rate taxpayers selling non business assets including
second homes,
buy to lets and shares listed on the main market.
- Taxpayers selling non business assets owned for less than 3
years.
Possible Losers
- Business owners where the sale proceeds exceed £1m.
- Investors in shares listed on the Aim Market.
- Long term holders of agricultural land and other assets
bought prior to 1998.
- Basic rate taxpayers selling non business assets owned for
more than 3 years.
- Investors in the companies for which they work through
employee share schemes.
- Employees save-as-you-earn schemes.
This is not a complete list so if you are considering disposing of any assets in
the near future please contact us as soon as possible as the calculations can be
complicated and there is no substitute for ‘crunching the numbers’ to see how
you will be affected.
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