Despite widespread rumour the Chancellor resisted the urge to increase the Capital Gains Tax take this year.
Many were predicting an increase in the rate of Capital Gains Tax to align it with Income Tax as well as the loss of Entrepreneurs’ Relief or maybe even restrictions to other reliefs such as gift or Holdover Relief but none of these came to pass, yet. Now may be a good time for tax planning before rules do change…
Instead it was simply announced that the current level of annual exemption, the amount of capital gain that each person can make free of tax each tax year, of £12,300 will remain in place until 2025/26.
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