CGT 'double tax hit' splits IFAs

Chancellor George Osborne is believed to be preparing to raise capital gains tax (CGT) on non-business assets while also reducing the tax-free allowance. Financial planners are concerned CGT on non-business assets could rise on a par with income tax up to 50%. Meanwhile, the annual capital gains tax-free allowance could fall from £10,100 per person to just £2,000, if the new coalition government accepts the full Liberal Democrat tax package. Baigrie Davies director Amanda Davidson pulled her advisers into talks on Monday to plan how to deal with the “significant” expected rise. ...