28th Mar 2008
Nichola Ross Martin counts down the days to the end of the tax year by exploring some last minute tax planning tips.
Countdown to the new CGT regime
- Banking indexation allowances: The capital gains tax (CGT) indexation allowance together with taper relief disappears on 6 April 2008 when the new CGT regime begins. Transitional rules enabled since the original 2007 pre-budget announcement favour married couples and civil partners. Taxpayers who acquired assets before 6 April 1998 will be able to retain or bank the indexation allowance attaching to those assets for CGT purposes by making a straightforward transfer of the asset to their spouse or civil partner before 6 April 2008. The transfer, by way of gift, is treated as being on a no gain no loss basis for CGT. T...