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Autumn Budget and CGT

TBC15
Posts: 1,488 Forumite


With possible changes to CGT in the autumn budget is it worth using the CGT allowance up ahead of time?
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TBC15 said:
With possible changes to CGT in the autumn budget is it worth using the CGT allowance up ahead of time?
No; as they would be crazy to create a headache by having a random mid-year date be a cut off point for rates or exemptions within a tax year, especially without any notice of it.
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It's unlikely any changes would be implemented immediately. At the earliest, it would be effective 6 April."Real knowledge is to know the extent of one's ignorance" - Confucius1
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bowlhead99 said:No; as they would be crazy to create a headache by having a random mid-year date be a cut off point for rates or exemptions within a tax year, especially without any notice of it.
https://www.accountingweb.co.uk/tax/hmrc-policy/cgt-rate-rises-to-28-from-22-june
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bowlhead99 said:TBC15 said:
With possible changes to CGT in the autumn budget is it worth using the CGT allowance up ahead of time?
No; as they would be crazy to create a headache by having a random mid-year date be a cut off point for rates or exemptions within a tax year, especially without any notice of it.Well that puts my mind at rest.
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EdSwippet said:bowlhead99 said:No; as they would be crazy to create a headache by having a random mid-year date be a cut off point for rates or exemptions within a tax year, especially without any notice of it.
https://www.accountingweb.co.uk/tax/hmrc-policy/cgt-rate-rises-to-28-from-22-juneWell that gives me cause for concern. Any thoughts on whether the CGT allowance may be scrapped?
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TBC15 said:EdSwippet said:bowlhead99 said:No; as they would be crazy to create a headache by having a random mid-year date be a cut off point for rates or exemptions within a tax year, especially without any notice of it.
https://www.accountingweb.co.uk/tax/hmrc-policy/cgt-rate-rises-to-28-from-22-juneWell that gives me cause for concern. Any thoughts on whether the CGT allowance may be scrapped?
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I have been wondering about the future direction of CGT myself since the Review to be completed shortly was announced and with a Budget shortly afterwards.An increase in the rates of CGT is probably likely. When CGT was first introduced there was no CGT allowance. Do you consider a reduction in the allowance likely or even no allowance at all, given we have ISAs ?Again, when CGT was first introduced , gains made within a year were taxed as income. Is this likely ?Do you expect the scope of CGT to be widened with assets not currently subject to the tax brought within the fold ?Previous Chancellors have steered clear of charging CGT of the sale of the main residence. Is this likely to finally change, perhaps with the sweetener of the first few hundred thousand pounds of gain exempt ? A more acceptable alternative to a large part of the population, would be a higher rate of CGT on the sale of second homes.I am not enamoured of gold myself nowadays but given the way gold has risen steeply recently, would it be possible to change the status of gold coins which are currently legal tender and exempt from CGT ?A common way to avoid CGT is ISAs. Are there too many types of ISA and does the cash ISA serve any purpose nowadays ? Given that many of our citizens are faced with hard times and many will be unable to put anything like £20,000 into an ISA is the present ISA limit too generous and likely to be reduced ?Like many after years of investing. I have an unwrapped portfolio and have for years been tinkering around the edges by doing Bed & ISAs. Have other Forum members been doing this ahead of the Budget ? Perhaps moving a currently depressed holding (but expected to improve) in order to create a loss on the sale. While changes to CGT are likely to come in next year, do the more cautious Forum members intend to take gains up to the allowance before the Budget ?Of course CGT is not only a concern to those with existing assets. It will also be a concern to those who are just entering the arena of investing and who intend to accumulate assets in the years ahead.0
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I think tax haven is the way this country is heading to post-brexit...? lol0
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Do you have the opportunity to bed-and-Isa a few things? This might not be a terrible idea if you're worried. I wouldn't be surprised if the Isa allowances are reduced at some point in the future, too.0
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