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ARTICLE · 18 JANUARY 2012

Finance Bill 2012: Key Announcements For Private Clients

Wedlake Bell LLP
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On 6 December 2012, the Treasury published draft legislation for Finance Bill 2012.

United KingdomStrategy
Sally Spicer
Sally Spicer

On 6 December 2012, the Treasury published draft legislation for Finance Bill 2012. This includes draft legislation for the measures announced by the Chancellor of the Exchequer in his Autumn Statement on 29 November 2011, giving us a better idea of how these measures will operate in practice ( click here to read our previous update). The parts of the Finance Bill 2012 that we consider to be of particular relevance to our clients are summarised below.

Personal taxes

As announced in the Autumn Statement, the capital gains tax ("CGT") annual exemption for individuals and personal representatives will be frozen at its current level of £10,600 for tax year 2012/13. The annual exemption for trustees is frozen at £5,300. It is confirmed that, from tax year 2013/14 onwards, the annual exemption will rise in accordance with the Consumer Prices Index ("CPI").

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