Gullands solicitors warn on CGT apportion following Budget rise
In the Budget on Tuesday (22 June) the Chancellor announced that Capital Gains Tax will rise with immediate effect for higher rate tax payers from 18% to 28%. The annual allowance remains at £10,100.
Alex Astley, a partner at Gullands Solicitors warns: “Since this rise has been announced midway through the tax year, individuals who are higher rate tax payers will have to think carefully about the most advantageous way to apportion their personal allowance throughout the tax year.
“The personal representatives of a deceased person’s estate are entitled to one Capital Gains Tax annual allowance for the tax year of death and the following two tax years only. Any gains made over this will be taxed at 28%. Personal representatives will therefore need to consult closely with the beneficiaries before assets in the estate are sold to ensure that the allowances available are maximised and that Capital Gains Tax is payable at the lowest rate possible.”
For further information contact:
Matt Baldwin, Coast Communications
Tel: 01233 503200 / 07930 439739
Alex Astley, Gullands
Tel: 01622 689700