Changes to capital gains tax are rumoured to be coming in October's Budget
People trying to take action with regards to property sales may face a bigger challenge to get around potentially higher CGT rates hinted at looming tax rises to plug a “£22bn black hole” in the public finances created by the Conservatives. He said that those with
Nimesh Shah, CEO of tax advisory firm Blick Rotherberg, said: “We will have to wait and see exactly what the Prime Minister and new Chancellor decide to do – but given the recent statement and fast pace of other changes,Financial planners say inquiries from their clients about selling assets have rocketed since the election, particularly following the Prime Minister’s speech last week.
But Mr Morrow-McDade also warned of downsides to this, as he said people would not be able to sell shares to lock-in a lower rate of CGT, and then buy them back immediately. Mr Morrow-McDade said it would be “surprising” if Ms Reeves did not put this figure back up to at least 28 per cent, but he thinks it could be much more than this.
Matthew Spencer, tax partner at Kingsley Napley LLP, said those considering selling, or in the process of selling, a property which hasn’t always been their main home would have to act fast to minimise chances of paying CGT at the current rates.
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