Capital gains tax is the fast growing tax
HMRC's capital gains tax take has risen 43 percent in the last year. Why? Well, the increase is due to property and shares increasing in value.
HMRC has great information at its fingertips, enabling them to identify those individuals with a tax liability more easily.
Capital gains tax is a complex tax. However, there are very valuable reliefs and there are tax planning opportunities (including inheritance tax planning) that can be utilised. It is important to seek planning advice if you are considering selling or giving away an asset that is pregnant with gain.
If you give away an asset that is pregnant with gain to a connected person (for example, to your son or daughter), legislation deems that gift has been notionally sold at open market value and the capital gains will crystalise. Advice should always be taken before gifting an asset as it may be possible to roll that gain over with a little planning.
Higher property and share prices, plus tougher rules, mean capital gains tax is the fastest-growing source of tax revenues”