capital gains tax

The current system of trusts for taxation purposes is being modernised in a bid to provide greater consistency between income and capital gains tax (CGT) in relation to trusts, and a new test will be put in place from 2007 to test UK residency, says HMRC....

Further investigation of today's pre-Budget reports by HM Treasury indicates the government is considering a rise in income tax, capital gains and inheritance for the year 2005-06.

The UK government has increased the amount of tax relief available to British film productions to encourage more home grown movies, just months after unveiling VCT tax breaks aimed at the investors in British films.

Introducing a tiered inheritance tax band would cut the tax paid by nine out of ten people but still add an extra £150m a year to the Treasury coffers, says the IPPR.