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Are we going back to the future for CGT?

Newsletter issue – September 2024

In 1989, Conservative Chancellor Nigel Lawson decided to change the rules around Capital Gains Tax so that it was applied at whatever the taxpayer's marginal rate was.

It remained that way all the way through to 2008. Since that point it has been tinkered with various times – by both Labour and Conservative Chancellors - going down and then up again.

It seems that we may soon be returning to the policy of 1989 - or some variation of it - when Rachel Reeves announces her Spring Budget on 30 October. At least that's what some commentators and analysts are expecting.

Ms Reeves has been quoted in the last 12 months saying there were no plans to raise CGT, but there was virtually no mention of it in the official Labour manifesto, suggesting it could be one option to plug the so-called £22bn blackhole that Ms Reeves claimed the new Government had uncovered. There are not a huge number of options, given that she has ruled out Income Tax, NI and VAT rises.

If the rules for CGT are changed, it's unlikely that it will kick in until April 2025 but it could still change sooner than that. Some analysts have suggested that other measures to bring in tax could include reducing Business Asset Disposal Relief.

If you need any assistance understanding the current CGT rules or adapting to any changes when they are announced later this year, please contact our team.

 

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What our clients say

Barnes Walker Landscapes Limited

We are a small business and had employed the same accountancy firm for many years. Two years ago we took the decision to switch to Beauchamp Charles after several othe local businesses recommended them very highly to us. We have not been disappointed with the service they have provided to us over these last two years.

Dakins Property Services

Great Results, Personable, High Integrity

Choice Events Limited

All at Beauchamp Charles are very helpful, approachable and easy to talk to. They keep me informed with key dates; I can feel totally confident that I won't ever miss any deadlines! Whoever I deal with, always deal with matters professionally and efficiently and if they are unavailable they get back to me promptly.

FT leisure Ltd

I have worked with Beauchamp Charles as our management accountants for over 20 years and have never received anything less than exceptional service. Their approach is both professional and personal. Finances and particularly tax strategies are a minefield for small businesses; Beauchamp Charles have in-depth knowledge of these area, which is comforting. They pay very close attention to our business activities and have provided financial strategies that have helped our company develop.

Fredrick Thomas Electrical and Maintenance

We have used Beauchamp Charles since company formation back in 1998. Beauchamp Charles offers us a one to one service as they are small enough to offer this dedicated service and large enough to do the work and offer best advice. They get to know us as individuals and a business, always giving sound advice. Frederick Thomas Electrical are in a stronger place thanks to the service we get from them.

Barnes Walker Landscapes Limited

We are a small business and had employed the same accountancy firm for many years. Two years ago we took the decision to switch to Beauchamp Charles after several othe local businesses recommended them very highly to us. We have not been disappointed with the service they have provided to us over these last two years.

Dakins Property Services

Great Results, Personable, High Integrity