The government will freeze the annual exempt amount for capital gains tax (CGT), but will offer other routes for people cut tax liabilities.
The Chancellor made the announcements during his autumn Statement in the House of Commons today. The CGT exempt amount will be frozen at £10,600 for 2012-13. However the government will launch a new enterprise investment scheme, which will also include a capital gains tax holiday for the first 12 months to incentivise investors to part with their cash in new businesses. Ultra wealthy individuals could benefit from other government measures which come with tax breaks attached. The government announced today it will legislate to enable individuals to receive a reduction in their i...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
