With the advent of a Conservative/Liberal Democrat coalition Government, there is a lot of speculation over Capital Gains Tax.

There are two possibilities for changes to CGT:-

1) Reduction in the allowance. Indications are that it could be reduced to approximately £2,000, from the current allowance of £10,000;
2) Increase the rate of tax due to near the Income Tax rates, from 18% up to as much as 40% or even 50%.

The Government could do one or both changes. (Both appear likely)

What are the choices for you?:-

If you would like to meet at any time with Bradshaw Bennett Independent Financial Advisers and your accountants to maximise the benefits of any tax year end planning, please contact us as soon as possible and we will arrange a meeting.

We effectively have only about 5 weeks remaining in which we can help you take full advantage of any tax concessions or allowances (allowing a couple of weeks for implementing any actions) ,so don't delay!

You may want to consider:

At the moment, if you are a member of a final salary pension scheme and you and your employer are paying money into the scheme to provide you with a pension, the value of the additional benefit is multiplied by 10 to check whether you are receiving something where the value might be greater than you are allowed before any tax is paid.

What does this mean?

If you are 59 earning £160,000 per annum and you are a member of a 60ths pension scheme, the value of one extra year of pension is assumed to be 1/60th of £160,000 = £2,666 x10 or £26,666.