“The biggest change sees the cutting of the annual exemption for capital gains tax – this is currently £12,300 for individuals and £6,150 for trustees. From 6 April 2023 it will be £6,000 and further reduced to £3,000 in 2024. For trusts, the rate will be half the annual exemption – so £3,000 in 2023 and £1,500 in 2024. Overall, this means that more people will be paying more capital gains tax and with it, potentially more compliance and reporting obligations. Many commentators were certain that we would see an overall increase in the rate of CGT but that was not the case."
Speaking with IFA Magazine, partner Rebecca Fisher comments on some of the likely capital gains tax and inheritance tax implications of the Chancellor's Autumn Statement.
The full version of this article is available to read online.
Rebecca Fisher is a partner in the private client team. She regularly advises families and individuals on all aspects of private client law including wills, estate planning, administration of estates, trusts and powers of attorney.