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Private Wealth & Tax & Estate Planning & Trusts
Better to be pregnant this year rather than next?
I was interested to read that James Hambro have suggested to clients that they may want to consider reviewing assets standing at a gain to see whether they wish to dispose of them now in the expectancy that Capital Gains Tax (CGT) rates will increase after the next budget.
CGT is sometimes regarded as a tax on the wealthy, and therefore could be seen as a good target for increased taxation politically. In fact, as identified by St. James Place (https://www.sjp.co.uk/wealth-management/tax-year-end-2018/capital-gains-tax), HM Revenue and Customs raises more money from CGT than it does from Inheritance Tax.
If you sell any investments that were not held in a pension fund or an ISA, you could be liable for CGT on the profits you earned. The same goes for sales of buy-to-let property or, indeed, any property which is not your main residence. CGT therefore affects many more people than some may think and any political maneuvering to increase rates could be felt widely.
https://www.telegraph.co.uk/tax/capital-gains/tax-rise-fears-time-take-capital-gains-hit/
24 September 2018
