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IFA help needed to reduce CGT burden
13 September 2010
Taxpayers could benefit from the expertise of IFAs to help them avoid paying unnecessary capital gains tax (CGT), according to a new study. Research by unbiased.co.uk shows these payments will be as high as £552m this year as a result of the CGT rise from 18% to 28% for higher rate taxpayers. With CGT-free allowances of £10,100 for the current tax year, the organisation has pointed out advisers could help to drastically reduce the burden on individuals. The Big Question Karen Barrett, chief executive of unbiased.co.uk, says: "Capital gains tax has been a hot topic ever since the chancellor announced the increased CGT rate to 28% for higher rate taxpayers. "But even before that change, we have seen far too many people making unnecessary CGT payments - simply by not making use of tax efficient ways when it comes to disposing of their assets. "Consulting an IFA is an easy way to get tailored tax advice on your individual tax liability, to help avoid making any unnecessary tax payments going forward." Published by IFAOnline
