Given the various rumours which had been circulating in the weeks running up to this week’s budget it is easy for one to be grateful that the ‘most controversial ideas’ (eg NICs on employer pension contributions or the introduction of a ten-year limit on gift transfers for IHT purposes) have not materialised. However the Budget still creates numerous challenges for taxpayers and their advisers and some of these areas are considered below.
What are the core capital gains tax changes?
Though the 24% rate on property sales remains unchanged the decision to change the in-year rate of CGT on other capital transaction may cause practical difficulties.
In particular the fact that the applicable CGT rate will differ depending on whether the sale occurred will result in different tax liabilities arising. How will this be handled practically given that a self-assessment tax return is an annual...
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