The Mudcat Café TM
Thread #171879   Message #4158788
Posted By: Bonzo3legs
26-Nov-22 - 05:05 AM
Thread Name: BS: Brexit & other UK political topics - 2
Subject: RE: BS: Brexit & other UK political topics - 2
There will be fewer tax planning opportunities to save Capital Gains tax after 06/04/23 - so:

Make sure you utilise your annual tax-free allowance of £12,300 before 05/04/23. Consider selling assets, shares for example, that can be sold within the tax-free allowance.

If your chargeable gains are likely to exceed the £12,300 limit, are there any assets you can sell at a loss to reduce the total gains below the tax-free limit? It is no longer possible to sell and buy back shares to facilitate this planning option: the so-called “bed and breakfast” arrangement.

If you are contemplating the sale of your business make sure you have arranged your affairs such that you can claim Business Asset Disposal Relief. This will potentially allow you to make qualifying gains of up to £1m and only pay CGT at 10%.

CGT payable on chargeable disposals after 5 April 2022 and before 6 April 2023 will be due for payment 31 January 2024. If you delay the disposal until after 5 April 2023, any CGT due will be payable a year later, 31 January 2025. Theoretically, you could delay a disposal by one day (from the 5 April 2023 to the 6 April 2023) and it would extend the amount of time you would have to pay the tax by 12 months.