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UK members should think about a few tax issues before the end of the
current tax year on 5th April, according to solicitors Osborne Clarke.
Some of their suggestions are indicated in this In Brief note. |
- Make use of your Capital Gains tax (CGT) annual allowance of £10,100 as it can’t be carried forward.
- CGT is currently 18%, but it is widely predicted to change in the near future (though it may not happen before 6th April 2010). If you have any investments that might incur large gains, you might want to think about bringing forward disposals.
- Use up your annual Inheritance Tax (IHT) gift allowance of £3,000. This can only be carried forward for one year.
- Make sure that your ISA allowances for the current year have been fully utilised. This amounts to a total of £10,200 for those aged 50 and above. Make sure you read about ISAs elsewhere on this website.
- CGT reliefs for Furnished Holiday Lets will be withdrawn on 6th April. Any planned disposal which could otherwise attract ‘hold-over’ relief should be made before 6th April 2010.
Retirement Revenue does not provide any form of professional advice. Appropriate professional advice should always be sought before taking any action. We have no connection with Osborne Clarke, but they are recommended by the Legal 500 and can be contacted via their website at www.osborneclarke.com