It’s all about you

We support you and your business at every stage with expert advice that delivers outstanding results.

We provide accounting, tax and business advice to individuals, family, and owner-managed businesses from across our offices in Leeds, Manchester, Newcastle and York.

Adrian Widdowson, Associate Tax Director

New Budget – more taxes? We can help you save tax!
Capital Gains Tax – An Easy Target!

It looks very likely that there may be an increase in the capital gains tax rate from either Budget Day or 6 April.  The Treasury’s own forecast show a fall in CGT receipts from £7.9 billion to £2.5 billion this year alone.  This is bound to lead to increase pressure for a change to try to plug this £5 billion hole.

Back in 2007 the difference between the top rate of income tax and the rate of capital gains tax on business sales was 30%.  This prompted the abolition of taper relief and a new flat rate of CGT set at 18% (with only a limited 10% band for business sales).

We were given advance warning of that change and we were able to put in place transactions for a number of clients which have neutralised the increase without accelerating any tax payments.

From 6 April the gap will increase to 32% and we are unlikely to have the luxury of any advanced warning of the increase.

At Garbutt & Elliott we have considerable experience in advising on all aspects of taxation, providing solutions to help our clients pay less tax. If you are considering making any disposals after Budget Day, please contact Adrian Widdowson, Leeds 0113 2739600, York 01904 464100 or by email to awiddowson@garbutt-elliott.co.uk to explore the options available to you.

Adrian Widdowson is an Associate Tax Director and provides advice and support to audit and corporate finance colleagues, with particular emphasis on transactional work such as company acquisitions and disposals, corporate restructuring and shareholder tax planning. Adrian also has experience in employee share schemes, company valuations, cross-border tax matters and the tax matters and tax issues affecting pension schemes.