Unclear future for Capital Gains Tax (CGT) – Accountancy Age

Despite more than a 100% increase in CGT receipts in the past five years, understanding whether tax rates for CGT will be increased or not is hard to predict, especially with the upcoming 2023 Autumn Statement in November and the possibility of a change of government at the next General Election, to be held at the latest by January 2025. However, businesses are taking note and planning ahead where possible.

Katharine says: “We may not have a clearer picture of what could be on the horizon until at least the Spring Budget in 2024 or the publication of party manifestos in advance of next year’s General Election.” Katharine’s advice for businesses however is to wait for a clearer picture of what could be coming next for CGT. “As there is no indication that we could see an increase to CGT rates in the Autumn Statement, I’d suggest it isn’t necessary at this stage for businesses to rush to sell their assets in order to beat a potential tax hike.”

You can read Katharine’s comments in full here.

As always, tax planning is key – for assistance with your tax affairs and to minimise your tax liabilities, contact Katharine here or a member of our Private Client team.