Over recent days, there have been various refusals to rule out increasing CGT, although we are told that nothing in Labour’s manifesto requires additional tax to be raised.
Navigating uncertainty
With the election just over three weeks away, little can be done by most people, but those who are mid-transaction will likely be keen to complete before the election. For others, the hope will be that any change would only operate from its announcement during the post-election Budget Statement that is expected in September.
Of course, anti-avoidance measures could ‘back date’ any change, particularly where planning has taken place. It is to be hoped that anti-avoidance would not impact a ‘real’ transaction before any change is announced.
Throughout its life, CGT various reliefs, such as some relief for private businesses, have been maintained. The value of these reliefs has varied significantly but hopefully the principle will be retained.
It is disappointing that there continues to be uncertainty about CGT and that people cannot plan for the disposal of what is often the product of their life’s work, but unfortunately that is the case. If you are concerned talk to us about the options available to you. Be wary of a ‘fire sale’, even if one is possible, and think twice before adopting any planning that suggests you can ‘have your cake and eat it’.
Over recent days, there have been various refusals to rule out increasing CGT, although we are told that nothing in Labour’s manifesto requires additional tax to be raised.
Navigating uncertainty
With the election just over three weeks away, little can be done by most people, but those who are mid-transaction will likely be keen to complete before the election. For others, the hope will be that any change would only operate from its announcement during the post-election Budget Statement that is expected in September.
Of course, anti-avoidance measures could ‘back date’ any change, particularly where planning has taken place. It is to be hoped that anti-avoidance would not impact a ‘real’ transaction before any change is announced.
Throughout its life, CGT various reliefs, such as some relief for private businesses, have been maintained. The value of these reliefs has varied significantly but hopefully the principle will be retained.
It is disappointing that there continues to be uncertainty about CGT and that people cannot plan for the disposal of what is often the product of their life’s work, but unfortunately that is the case. If you are concerned talk to us about the options available to you. Be wary of a ‘fire sale’, even if one is possible, and think twice before adopting any planning that suggests you can ‘have your cake and eat it’.
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