Bestinvest's Adrian Lowcock reveals five top tips to avoid capital gains tax (CGT) as the Government moves to raise the rate on non business assets to as high as 50%.
Analysts are warning thousands of investors could be hit with a massive CGT bill if a planned rise goes ahead.
But senior investment adviser at Bestinvest Adrian Lowcock says there are practical ways to keep gains out of the taxman's hands.
Wrap as much of your investments as possible into ISAs. With the full allowance at £10,200 most people will be able to put a large proportion of their investments into ISAs.
Each person has an allowance of £10,100 in gains before any tax is charged so many people can avoid paying the tax by strategically selling assets in different tax years.
If you have any losses not utilised in previous years then you can carry these forward and offset against gains made, however you need to declare these losses with the Inland Revenue.
Transfer assets into your spouse's name. Transfers between married couples are not deemed as a sale so the original cost and gain is transferred across. This allows you to use both allowances of £10,100 to maximise CGT exemptions.
Invest in CGT exempt products. Gains on VCTs are not subject to CGT for example.
And 94% for critical illness
Part of investment committee restructure
Follows Asset Management Market Study
To open in second half of 2019
Regular reminders and updates