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TAX CONCESSIONS IN BUDGET

Capital Gains Tax (CGT) rates have been significantly reduced in the chancellors March Budget with the upper rate coming down from 28% to 20% and the lower rate coming down from 18% to 10% (excluding gains on residential properties).These cuts in rates offer some welcome opportunites to reduce the tax payable on a gift of land to a family member,into a trust or a disposal of same. Ellis & Co are able to offer valuations in accordance with the RICS Professioal Valuation Standards to both establish the value at gift or dsposal and if necessary the value of the asset when this was acquired (normally not before March 1982) by the donor/seller.