James Says:

After 5 April 2008, both taper relief and the indexation allowance will be abolished for gains made by individuals and trustees (no change has been proposed to the rules for taxing companies' gains). On a sale of an asset, you will simply deduct the acquisition costs (and any capital expenditure on improvements still evident in the property) and the costs of sale from the sale proceeds, deduct your annual exempt amount (currently £9,200), and charge the gain at 18%. In the case of certain business assets, there will be a relief known as "entrepreneurs’ relief".  

About James Bailey

James Bailey is a Chartered Tax Advisor (CTA) and an integral part of the Property Tax Portal team. He offers a special rate tax advisory service on any aspect of UK taxation, including property taxation, for as little as £97 + VAT for a 30 minute telephone tax consultation.

Key Facts:

- Over 90% of queries are answered within 30 minutes and within 3 days!
- You pay for the advice after it has been given

To learn  more about this service click here.