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It is not too late to rescue some taper and indexation relief before the new capital gains tax kicks in next April, says KEVIN SLEVIN
KEY POINTS
- Small businesses are particularly affected by the PBR capital gains tax proposals.
- It might be possible to harvest taper relief before 6 April 2008 by selling into a trust.
- Harvest indexation on farmland by selling into a family trust.
- Possibilities of using rollover relief.
- Make sure clients are prepared for the new capital gains tax regime.
The capital gains tax bombshells announced by the Chancellor Alistair Darling on 9 October 2007 included:
- the ending of both taper relief and indexation allowance for disposals on or after 6 April 2008;
- instead of a range of effective capital gains tax rates varying from 5% to 40% there will be a single rate of 18% from 6 April 2008;
- all assets owned at 31 March...
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