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A lost art

There is no government allowance or tax free incentive too small to be taken advantage of, not least of all CGT allowances

11 May 2016

In the 2016 Budget, a surprise tax cut reduced the rate of capital gains tax (CGT) down to 20 per cent and 10 per cent for higher and basic rate taxpayers respectively. However, CGT remains a concern for many larger investors.

When I started training to be an independent financial adviser, I was taught that CGT planning was one of the key steps to helping investment clients avoid paying unnecessary tax. However, having taken on several new clients recently, it has become clear to me that many other advisers are overlooking this simple but fundamental aspect of tax planning.

The principle is fairly simple. Each individual has their own CGT allowance so they can realise, tax-free, gains of up to £11,100 each year. The allowance can't be carried forward however, so clients and their advisers should look to sell or switch assets around in order to deliberately crystallise gains...

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