With the annual allowance all but disappeared and, good news, investments up in the past year, many more are will have Capital Gains Tax to pay. If you’ve sold shares or, let’s say, an investment property and made a profit of more than £3,000, you’ll have tax to pay at 18% or 24% – the gain is added to your income to see which band, you fall into. Common triggers investments held not in an ISA or pension and it’s up to you to work out how much you owe and report it. If your investments are on a platform with us, they’ll do the work and tell you what your gains are. Other, however, are lost in the mists of an inheritance long-ago, which has since seen reorganisations, take-overs, a few sold here, a few there. So if you do decide it’s time to cash in – or you need to – the sums become complex at best, impossible at worst. It’s often best-guess, fingers-crossed and hope that they have bigger fish to fry at HMRC. Which they usually, thankfully, do.
Budget Rumours and Possibilities
The Budget Rumour Machine is not the shambles it was last year. Before Rachel’s Swansong all sorts of stuff was leaked to see what sort of puddle it would create.
