Pre-Budget Report 2009 - Capital Gains Tax
It has been thought for some time that the rate of Capital Gains Tax (CGT) must increase to reduce the difference between it and the top rates of income tax. It was – and perhaps is – more a question of when than if. However, rumours are now flying that the rate of capital gains tax will go up with effect from the pre-budget report rather than the more usual 6 April. It would be rare although not entirely unheard of for a direct tax rate to increase during a fiscal year.
Clearly these are only rumours and we won’t know until the Chancellor’s speech on 9 December but if the 18% rate is important to you and you are in a position to do so you may wish to ensure that any capital gains tax transactions go through before 8 December.
Stay in touch with our blogs during and after the Chancellor’s speech to find out what is actually announced.
We will be blogging on SME Plus Blog and Tax Plus Blog on Pre-Budget Report day. If you do not already subscribe to our blogs click here for SME Plus Blog or here for Tax Plus Blog to ensure you get our comment and analysis as and when it happens.
Lisa Spearman is a partner at Mercer & Hole. If you would like to discuss the contents of this post with Lisa you can call her on 020 7353 1597.
Date: 1st December, 2009
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