Capital Gains Tax changes and upcoming Budget

sparkiemalarkie

Hi a quick question. If there are changes in Capital Gains Tax in the upcoming budget will the changes apply to when the gains were made or when the tax has to be paid? Are they likely to be implemented immediately or in the next tax year?

tia

sx

lisyloo

Regarding the first point, isn't tax due when gains are made?
If not perhaps you can give an example.

Usually changes are implemented in the next tax year, but no one can answer this for sure.

subjecttocontract

Nobody knows, so it will be opinions followed by discussion = political debate, which as we know is not allowed on this forum.

Bookworm105

it depends
for some taxes budget changes come in force that day (eg 6pm vehicle fuel price) , for others they don't
retrospective tax rise is however extremely rare 

historically CGT related changes have always respected that fact that the legislation defines the CGT trigger point (date of disposal) as the date the contract was "made", so in principle any change to CGT rate only applies to transactions "made" after the budget date 

in simple terms that means when an unconditional contract was signed (real estate property, so exchange date not its completion date) or the trade took place (share sale transaction date not settlement date), it has nothing to do with when the tax has to be paid.

sparkiemalarkie

Thanks... I wondered if there was a protocol for things like this

sx