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CGT at 18%

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Old 10-12-2007, 12:55 PM
james james is offline
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Default CGT at 18%
I know it's a bit late but the chancellor has announced that there is a single rate of 18%, with no taper relief or indexation allowance.

This doesn't come in until 6 April 2008, so it could make a substantial difference if you've either got a business asset or a long held asset that you are thinking of selling soon.
Last edited by james : 10-15-2007 at 05:28 PM. Reason: April 2008 not April 2007
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Old 10-15-2007, 05:17 PM
JimClark JimClark is offline
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Does that mean you pay 18% on any gains made over your allowance?
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Old 10-15-2007, 05:29 PM
james james is offline
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Does that mean you pay 18% on any gains made over your allowance?
That is the idea. Basically it doesn't matter how long you've held the asset or whether it is for a business or non-business purpose.
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Old 10-15-2007, 09:06 PM
MarkP MarkP is offline
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If Im correct the current allowance is circa 9k. Is this changing? What is the current rate of tax on CGT. Basically I have some investments maturing at the end of the year, so I guess I should take the loan note option and cash in after april 08?
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Old 10-15-2007, 09:23 PM
james james is offline
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If Im correct the current allowance is circa 9k. Is this changing? What is the current rate of tax on CGT. Basically I have some investments maturing at the end of the year, so I guess I should take the loan note option and cash in after april 08?
The allowance is not going up dramatically. If you are going to use loan notes (that is to book the sale before April, but collect the the cash later) make sure that an accountant sets up this scheme. This is not a DIY option.
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Old 10-16-2007, 01:41 PM
MarkP MarkP is offline
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Ok thanks will speak to my accountant about that.
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