George Osborne delivered his budget 2016 on the 16th March 2016 and announced a reduction in Capital Gains Tax……
The main rates of capital gains tax will be reduced from 18% to 10% for basic rate taxpayers and from 28% to 20% for higher rate taxpayers.
The reduction will not apply to gains on residential property.
The government has introduced a number of measures designed to discourage residential property investment in the last year, including the restriction to income tax relief for finance costs which is to be rolled in over the next years to 2020, a 3% SDLT surcharge on additional residential property purchases which kicks in on the 06th April 2016, and extending the capital gains tax regime to non-residents disposing of UK residential properties.
Please call if you would like to discuss this or any issue. We are happy to offer a free 1 hour meeting to go over any issues or questions you have.
