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Pre Budget Report 2007 - Capital Gains Tax (CGT)

In response to the Pre Budget Report 2007, please find below the thoughts of Cathy Corns, Partner at Mercer & Hole and contributor to SME Plus Blog...

From 6 April 2008 there is to be a dramatic change in the calculation of Capital Gains Tax (CGT). Essentially there will be a flat rate of tax of 18% based on the difference between sale proceeds and cost. This applies irrespective of the type of asset held; the length of time held; removes relief for indexation totally (effectively halving the tax base cost for assets held pre March 1982) and removes a few other mitigation measures.

 

 

Date: 9th October, 2007
Author: Lisa Spearman

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