Changes to Capital Gains Tax for 2016/17

Changes to capital gains tax (CGT) and entrepreneurs’ relief claims have been introduced in the Finance Bill 2016.

CGT rates for 2016/17 have been reduced from 18% to 10% for basic rate taxpayers, while for higher rate taxpayers the rate on gains over the unused part of their basic rate tax band will be charged at 20% (previously 28%).

A number of changes relating to entrepreneurs’ relief are also set to be introduced, including:

Announcing the changes in his Budget 2016 speech, Chancellor George Osborne, said:

“We’re putting rocket boosters on the backs of enterprise and productive investment.”

Contact us to discuss your CGT and entrepreneurs’ relief.

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