22 November, 2016
HMRC has recently published figures that show that in 2014/15 £6.9 billion of Capital Gains Tax (CGT) was paid by 220,000 individuals. This was a 22% increase on the previous year and compares to £3.8 billion Inheritance Tax paid during the 2014/15 tax year.
CGT collection levels are likely to further increase in subsequent years due to stock market levels and landlords who continue to pay CGT at the higher rates of 18/28% on residential property disposals.
Fortunately there are a number of simple things taxpayers can do to reduce their chances of being one of the 220,000 or so individuals lining the Government coffers. These include:-
With the average CGT bill now at £28,500 it is more important than ever to plan ahead and seek informed advice.