Citywire printed articles sponsored by:
View the article online at http://citywire.co.uk/new-model-adviser/article/a640166
Autumn Statement: CGT allowance up 1%
by Jun Merrett on Dec 05, 2012 at 14:08
The government has increased the capital gains tax (CGT) allowance by 1% to reach £11,000 in 2014/15.
In the Autumn Statement, chancellor George Osborne (pictured), said the capital gains annual exemption amount will increase by 1% each year to £11,100 in 2015/16.
The current allowance is £10,600 for 2012/13.
Up until June 2010, everyone paid the same amount of CGT but changes were made so the amount of tax payable depends on how much income tax a person pays.
Income tax personal allowance will also go up to £9,440 next year which is £235 more than previously announced.
The threshold for paying the top 40% of income tax will increase by 1% from 2014. The threshold will go from £41,450 to £41,865 in 2014 and another 1% to £42,285 in 2015.
News sponsored by:
Today's top headlines
Challenged by growing risk aversion?
Challenging financial markets over recent years have resulted in growing risk aversion among British savers and led many to seek safety in cash. Click here for more.