Janet Hoskins reviews the issues advisers should consider following the mid-year rate change
Having had time to recover from the surprise of a mid‑tax-year change in CGT rates advisers now need to begin to consider the practical impact of the changes. As you would anticipate issues arise from a mid‑year change and for gains made in this tax year the transitional rules will have to be considered.
Additionally advisers will want to consider both the impact of the changes on those who carried out pre‑Budget planning and what points should be considered for those with deferred gains.
The basics
The standard rate of CGT following the Finance (No 2) Act 2010 is 18%.It is 28% for trustees and personal representatives and 28% for higher-rate taxpayers (including those who pay dividend upper-rate tax).
For those who pay basic income tax you add the capital gain into...
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Janet Hoskins reviews the issues advisers should consider following the mid-year rate change
Having had time to recover from the surprise of a mid‑tax-year change in CGT rates advisers now need to begin to consider the practical impact of the changes. As you would anticipate issues arise from a mid‑year change and for gains made in this tax year the transitional rules will have to be considered.
Additionally advisers will want to consider both the impact of the changes on those who carried out pre‑Budget planning and what points should be considered for those with deferred gains.
The basics
The standard rate of CGT following the Finance (No 2) Act 2010 is 18%.It is 28% for trustees and personal representatives and 28% for higher-rate taxpayers (including those who pay dividend upper-rate tax).
For those who pay basic income tax you add the capital gain into...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
