Capital Gains Tax Rises

By now you’ll have heard that capital gains tax (CGT) is on the rise. Assuming that the Government don’t propose retrospective legislation, you’ve probably got until 22 June to sort yourself out and crystalise any gains at the current rates of 10% and 18%.

I’ve just seen a great article in the Times here. Alice Thompson makes a strong case why Mr Osborne’s proposed rise in the rate of CGT is poorly judged and counter productive. It seems to me that it will be even more damaging if the increases take effect on 22 June as opposed to on 6 April next year, since this will not give people the chance to take steps to reduce their exposure and will be seen as incredibly unfair.

If you are concerned about the effects of the emergency budget on you, please contact one of our tax team who will be happy to discuss the options open to you.