Changes in Capital Gains Tax
Posted on Jun 20, 2008 under TAX |If you're new here, you may want to subscribe to my RSS feed. Thanks for visiting!
The Chancellor’s first Pre- Budget report that was released on October 9, 2007 has made the new flat rate of Capital Gains Tax. In April 2008, the new 18% rate has been be applied to all capital gains. This new property tax regime will be easy and simple to follow as the concern towards holding the business asset will no longer be undertaken.
The change in capital gains tax will be a remarkable improvement on the long term sales rate of non business asset by higher rate taxpayers accessing the property for decades. There are some investors who will have to incur loss with this new tax regime but it is good news for the higher rate taxpayers who could sell residential property.
The new 18% flat rate applies to each and every person irrespective of their actual income. In fact, this is one of the biggest news for the property investors. The zero rate bands for Inheritance Tax have been transferred between the person and civil partners.
The Planning Gain Supplement that is due to make introduce in 2009 has been removed in favor of a planning charge.
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