Have you ever rushed to complete a transaction due to a heralded
change in the tax system? Perhaps on the abolition of taper relief,
or the introduction of stamp duty land tax?
Normally new or anticipated tax measures cause a lot of rushing
to get things done in advance of Budget day. Yesterday's Budget
is unusual as some of the changes to capital gains tax announced
mean that for once it may actually pay to wait. Read more on some
of the capital gains tax changes announced yesterday.
With effect from 6 April 2016 the rate of capital gains tax
payable by individuals will be reduced from 18% to 10% for gains
falling within the income tax basic rate band and from 28% to 20%
for gains in excess of the basic rate band. A higher rate tax payer
will pay CGT at 20% rather than 28.
