Classified ads in Beckenham
Hallo Classifieds Ads

Current Location

Distance

All Categories

Capital Gains Tax -Estate agent today

This advert has expired. Contents may not be accurate any longer.

Property Price: £N/A


5 Albemarle Rd, Beckenham, Greater London, Beckenham

Premises Type
Office
Listing Type
Private
Units Size
Unspecified
Off Street Parking
Yes

A leading tax expert is advising investors to “plan your disposals” after new Capital Gains Tax figures have raised speculation of an increase in the near future.

Figures from HM Treasury released yesterday show that its CGT receipts hit £9.8 billion in the 2019/20 tax year, up four-fold from the £2.5 billion achieved a decade ago. 

Now a tax specialist - Shaun Moore, tax and financial planning expert at Quilter - warns: “This is likely to just be the start of record years for the amount brought in by CGT and preliminary data from the Office for National Statistics is already showing this will be the case.”

At the most recent budget the Chancellor froze the annual CGT allowance at £12,300 until 2026 at the earliest and Moore says there is no guarantee the tax rate will stay at its current level as the government scrambles to find revenues where it can. 

“Clearly with asset prices rising and frozen or decreasing allowances, more people will ultimately be brought into scope to pay CGT, and as such it is a good idea to plan your disposals thoroughly and ensure they are done in the most tax-effective way” he adds.

And he cautions: “The amount paid in CGT dwarfs what is brought in by inheritance tax and as such will be considered a more attractive tax to raise for the Treasury. The fact that 41 per cent of CGT came from those who made gains of £5m or more suggests an increase in rates is far more likely than any other policy tweak, particularly given the government’s triple tax promise not to raise VAT, income tax and national insurance puts the Treasury in somewhat of a bind.”


Property Details

Advert Ref: #2952402
Posted: 20 Sep '21
Visits: 139

Poster Details

User: estateagent
Member since 20 Aug '21
Postings: 0
Followers: 0, Following: 0
Visit Profile