News
Pre Budget Report Summary17 Oct 2007
The Chancellor’s report included the following:
• Inheritance Tax
Marries couples and civil partners can now transfer their IHT allowance to their spouse on death, so £600,000 of the estate will be tax free.
• Capital Gains Tax
From 06/04/08, taper relief will be abolished and CGT will be charged at a flat 18%. This could produce significant savings for buy-to-let investors.
• Self Assessment
You will no longer have to make payments on account if the tax bill is less than £1,000, previously £500.
• Company Cars
Car drivers who use free fuel for personal use will pay more, as the fuel benefits charge basis will rise from £14,400 to £16,900.
For further information and advice, please contact us on abercorn@a9partnership.co.uk.
• Inheritance Tax
Marries couples and civil partners can now transfer their IHT allowance to their spouse on death, so £600,000 of the estate will be tax free.
• Capital Gains Tax
From 06/04/08, taper relief will be abolished and CGT will be charged at a flat 18%. This could produce significant savings for buy-to-let investors.
• Self Assessment
You will no longer have to make payments on account if the tax bill is less than £1,000, previously £500.
• Company Cars
Car drivers who use free fuel for personal use will pay more, as the fuel benefits charge basis will rise from £14,400 to £16,900.
For further information and advice, please contact us on abercorn@a9partnership.co.uk.
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