With potential changes to Capital Gains Tax (CGT) on the horizon, many taxpayers are considering bringing forward their asset disposals to take advantage of the current rates. Although CGT changes typically take effect from 6 April, there have been instances of mid-year changes in the past, which is causing some concern.
It’s important to note that the disposal date for CGT purposes is the date when contracts are unconditionally exchanged. However, be aware that anti-forestalling legislation may be introduced to prevent artificially bringing forward disposal dates to sidestep any new rules.
There’s still time to sell listed investments before the budget announcement, but for assets such as businesses or property, the process generally takes longer unless a buyer is already lined up. If you’re considering selling assets ahead of any potential changes, we recommend acting sooner rather than later.
We can guide you through the implications of any upcoming CGT changes and help you make informed decisions regarding asset disposals. If you’d like to discuss your options, get in touch with us today.