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There have been important capital gains tax changes this year. BARRY HALLAM explains
KEY POINTS
- The 2010 capital gains tax changes.
- The specific order for using loss relief.
- Allocating the entrepreneurs’ relief allowances.
- The rates for trusts and estates.
- Some non-UK capital gains tax issues.
In Alistair Darling’s pre-Budget report of 9 October 2007 he made his mark by introducing a reform of capital gains tax. He announced the withdrawal of indexation relief taper relief the mysterious ‘kink test’ and ‘halving’ relief. In addition the share identification rules were simplified by the re-introduction of share pooling.
There was a collective sigh of relief from those of us dealing with capital gains tax computations for tax returns; in general the computation of a gain was now simply the proceeds of sale less the purchase cost and enhancement expenditure. The annual exemption remained...
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