The Chancellor has recently announced a potential rise in Capital Gains Tax (CGT) from its current 18% level to 40% in an effort to neatly align it with income tax. This weekend the Financial Times reported that investors are urged to act before the rise – citing a huge rise in CGT liability from £16, 182 to £35,960 based on a £100k gain. This of course will have significant impact on entrepreneurs and families.
According to the BBC Obsorne is looking to ‘take the stink out’ of the tax rise (http://news.bbc.co.uk/1/hi/uk_politics/8713377.stm) perhaps by means of exemptions. It is clear that the tax policy is not set in stone at this time.
Interestly enough this panic has fueled a huge increase in demand for UK minted gold coins. Sold just above the scrap value of gold these coins are classed as currency and are therefore exempt for CGT.
What would we do? Wait until the emergency budget is announced and then make the right decision for our business.
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