CGT and the budget

CGT and the budget

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I could have sworn I heard the Chancellor say something about doubling CGT allowances for married couples, but can't see anything out of the ordinary in the press releases. Does he just mean that if there are two of you, you get twice as much!!! Should we be congratulating and thanking him for not returning to the pre independent taxation rules?
This seems ridiculous. Why on earth did he announce this? More spin....
EL

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By AnonymousUser
23rd Mar 2007 13:58

He didn't confuse himself....
....he just spun out of control in an effort to show how family friendly he is without telling it how it really is.

Also, have you seen HMRC arguing that a transfer from husband/wife to wife/husband is not valid and so only one allowance is due? I've seen it more than once.

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By Brads.Kings
22nd Mar 2007 12:14

I think he confused himself
"Mr Deputy Speaker, it is right to recognise marriage in the tax system in ways that do not penalise children through the arrangements we make for assets to be transferred free of tax between husband and wife in inheritance tax and capital gains tax.

I can announce the annual tax exemption for capital gains will rise from £8,800 to £9,200, and will be £18,400 for married couples."

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By User deleted
23rd Mar 2007 17:42

I am glad that I was not the only one
I was typing as he spoke and decided that I must have made the mistake instead!

Nevertheless it is a clear signal that we must investigate more schemes whereby we can redistribute assets between husband and wife to make use of two annual exemptions. Surprising just how many couples do not, and I think it is so obvious that most accountants do not even suggest it.

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By stevec.cooperparry.com
26th Mar 2007 13:19

Not that easy for properties
I too thought his comments meant an £18,400 annual exemption for married couples.

This would have made it realtively easy to sell a one-spouse-owned rental property utilising both personal exemptions. Instead, clients will continue to have to pay a solicitor a few hundred £s to do the legal transfer into joint names.

Steve
Coates Franklin Ltd

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