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The SK Accountants team
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All the best,
The SK Accountants team
The Capital Gains Tax allowance (CGT) reductions announced by Chancellor Jeremy Hunt in November’s Autumn Statement could have a significant impact on investors.
The threshold for starting to pay will fall from the current rate of £12,300 to £6,000 from April 2023 and £3,000 from April 2024.
CGT is what you pay on any gain that you make when you come to sell an asset, such as a second home or shares.
However, the annual CGT exemption allows you to make a certain value of gains before you pay tax on any additional gains.
Higher-rate or additional-rate taxpayers pay 28 per cent on gains from residential property and 20 per cent on gains from other chargeable assets.
If you are a basic-rate taxpayer, you will be charged 18 per cent on residential property and 10 per cent on other gains — if the amount is within the basic income tax band. Steps which could minimise taxation include:
So now could be a time for investors to review their portfolios and decide whether they should transfer or dispose of certain assets before these changes take place. If you want to take advantage of the current CGT tax rate it is best to seek advice from a qualified tax adviser.
Need advice on the changes to CGT? Contact us today.
Small business confidence dips ahead of new customs controls coming into force
Four in 10 exporters have reported a fall in international sales since the end of the Brexit transition period, a major study has revealed. According to the tracker, four in 10 – around 41 per cent of traders – have reported a “drop off” in international sales in the three months to September 2021.
Business
HMRC asks sole traders to correctly report SEISS grants or “repay in full”
Sole traders who have not correctly reported their Self Employment Income Support Scheme (SEISS) grants may be forced to repay them in full, it has been warned.
Compliance
Small businesses call for Government support to tackle climate change
According to new research, many are addressing energy usage, increasing recycling and investing in microgeneration, but only a third of those have a formal plan to tackle climate change within their business.
Economy
Almost 800,000 tax scams reported to HMRC in past 12 months, figures reveal
Nearly 800,000 tax-related scams were reported to HM Revenue & Customs (HMRC) in the past 12 months, a major study has revealed. According to the report, HMRC responded to 797,010 referrals of suspicious contact from the public in the last year. Around 358,000 of these involved scams where taxpayers were offered bogus tax rebates.
Tax Planning