Summary
As the end of the tax year approaches, it often seems that there is a mad scramble to reduce our tax bills. This usually focuses on efforts to reduce income tax for higher rate payers by using a variety of reliefs. These include making large contributions to pension schemes or investing in Venture Capital Trusts or Enterprise Investment Schemes.
In all the excitement, investors often overlook the fact that they have an annual capital gains tax (CGT) allowance, currently pounds 8,800. This allowance cannot be carried forward to the following year if unused - it's a case of "use-it-or-lose-it".See the full content of this document
Extract
Allowing for Many Happy Returns ; Personal Finance
If the CGT allowance is not used annually, and an investment grows over time, it could lead to a substantial CGT bill on cashing- in the asset.
Holders of investments in shares or unit trusts who wanted to utilise...See the full content of this document
Sponsored links
