Capital gain means tax pain

Article Abstract:

UK capital gains tax is levied at 40% and is complex despite the relatively small number of people paying it. The tax is levied on profit from selling assets such as wine, shares and land. The tax also has to be paid by givers of gifts, except for gifts between husbands and wives. Allowances can also be used by dividing assets between couples. Expenses are taken into account when assessing gains on items sold. Indexation is used to ensure that taxes are not made on gains arising from inflation alone.

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Change in the pipeline

Article Abstract:

A number of changes could be made to United Kingdom capital gains tax (CGT) and these include the introduction of a two-tier system to reward long-term investment. Retirement relief may be reduced or abolished, and reinvestment relief could also be affected, including types of assets for which relief is available. There may also be changes in the taxation of family trusts. Long-term residents in the UK who are not domiciled in the UK may also be treated as though they were UK domiciled.

Public Finance Activities, Tax Administration, Personal Tax Planning, Capital Gains Taxes, Taxation, Personal finance

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Preserving assets from capital gains tax

Article Abstract:

UK investors should use the tax relief available on capital gains in order to ensure that they do not pay too much to the Inland Revenue. Capital gains tax (CGT) is levied at the highest rate paid by a taxpayer and this could be 40%. Costs of disposals and acquisitions are subtracted from capital gains, as is an inflation allowance. Reliefs which UK investors can use include retirement relief, rill-over relief, and annual exemptions of 6,000 pounds sterling.

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