We are delighted that the Treasury has accepted the suggestion made by Andrew Webster Limited and are extending the period of consultation on the new rules. Therefore the changes will not come into effect on 6 April 2008 - but the new date has not been announced.
The changes to the capital gains tax regime to abolish taper relief will come into effect on 6 April 2008. All capital gains will now be taxed at 18% - and there will be a new Entrepreneur's Relief so that five nineths of the gain will be taxed on the sale of shares in trading companies - giving a 10% tax rate on gains up to £1m in someone's lifetime.
For more information on the CGT rules click New CGT Rules
The new regime as announced will now be introduced from 6 April 2008. However the de minmis rules will now allow non-domiciles with up to £2,000 of offshore income to not included this on the UK return.
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Income Splitting