Facts and Figures >Pre-budget Report
01: Introduction - Instant Reaction
In his speech the Chancellor announced some major developments. No doubt further changes will be forthcoming in the press releases we are about to read.
- The abolition of taper relief and the introduction of a flat rate CGT charge from April 2008 – opening up some interesting planning opportunities in the next few months.
- Making the IHT nil rate band transferable between spouses and civil partners, so that a couple will be able to leave £600,000 at current rates without having to transfer assets from the survivor when the first of them dies.
- A flat rate charge on non-UK domiciled residents who have been resident in UK for more than seven years.
- Review on simplifying tax for the self-employed.
- Action on ‘income-shifting’ – presumably in response to the Arctic Systems case.
This guide is for general information only and is not intended to be advice to any specific person. You are recommended to seek competent professional advice before taking or refraining from taking action on the basis of the contents of this publication. The guide represents our understanding of the law and HM Revenue & Customs practice as at October 2007, which are subject to change. These proposals may be changed in the Spring 2008 Budget and subsequent legislation.
