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Autumn Statement 2013 Review: Income Tax and Capital Gains Tax

December 5, 2013

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Type: Latest Blogs

 

The tax free personal allowance will reach £10,000 with effect from 5 April 2014, but the threshold for paying higher rate tax will stay fixed at £41,865. There will be no changes to the rates of income tax or NIC.

 

From 6 April 2015, it will be possible to transfer up to £1,000 of any unused personal allowance from one spouse or civil partner to the other. This will only apply where neither partner pays higher rate tax.

 

On the sale of a private residence, CGT may now apply if it is unoccupied for a period of more than 18 months immediately before the date of sale.  Currently, a period of 36 months is allowed. The change will take effect for sales on or after 6 April 2014.

 

Non UK resident individuals who own a private residence in the UK may soon be chargeable to capital gains tax. Any changes will take effect from 6 April 2015. Currently, only high value properties held by non-resident companies are liable to CGT.

 

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