The Chancellor delivered his Budget to Parliament yesterday and there were lots of tweaks around the edges of the tax system.
He did, however, announce that the capital gains tax rate will be reduced by 8%, with the main rate dropping from 28% to 20%. This was a big surprise but, as always, the devil’s in the detail. Unfortunately, this lower tax rate will not apply to gains made on residential property sales, which will still be taxed at the higher rate.
To help explain the impact of the Budget, here’s a summary of the changes.
If you have any questions at all, please do get in touch with Michael Burgess on 01782 279615.