Planning for 5th April 2008
The Chancellor’s pre-budget report in October last year announced changes to the Capital Gains Tax (CGT) regime from 6th April 2008 onwards. The previous method for calculating CGT will be replaced by a simplified flat rate of 18% on capital gains from 6th April 2008 onwards, however Indexation allowance and taper relief will no longer be available.
The new draft legislation has now been published providing an opportunity for significant CGT planning prior to 5th April 2008.
If you own assets which may be liable to CGT you should review the CGT position as there are relatively simple ways of saving thousands of pounds in CGT provided you act before 5th April 2008.
Click here for a more detailed note about the changes.
