ARTICLE · 17 DECEMBER 2013

Weekly Tax Update - Monday 9 December 2013

Smith & Williamson

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Most of the rumours reported in the press prior to the Chancellor’s Autumn Statement turned out to be true which raises the question whether Autumn Statement and Budget secrecy is now a thing of the past.

United KingdomTax

Smith & Williamson

1 GENERAL NEWS

1.1 Autumn Statement

Most of the rumours reported in the press prior to the Chancellor's Autumn Statement turned out to be true which raises the question whether Autumn Statement and Budget secrecy is now a thing of the past.

Mr Osborne confirmed that CGT will be imposed on gains by non-residents who dispose of UK residential property. This new charge will not come in until April 2015 and it appears that it will only apply to gains accruing after that date which suggests that owners will be able to rebase the value of their properties. It will be some time before we know the detail of the changes, but the delayed introduction will give time for sales to be completed free of CGT in the interim.

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