No change to Capital Gains Tax
There have been no changes announced to Capital Gains Tax
The Nil Rate Band for Inheritance Tax (IHT) is increased in respect of a Main Residence
The normal IHT nil rate band of £325,000 will be frozen until April 2021. However, a new band will be introduced from April 2017 where a main residence (including a former main residence) is passed on death to direct descendants. The band is available in respect of a single residence. The band will be as follows:
- 2017-18 £100,000
- 2018-19 £125,000
- 2019-20 £150,000
- 2020-21 £175,000
From 2021-22 the allowance will increase in line with the Consumer Prices Index.
The additional nil rate band will be reduced by £1 for every £2 by which the estate has a net worth in excess of £2,000,000.
It is anticipated that this additional rate will be available where a person downsizes or ceases to own a property and then passes assets of an equivalent value to descendants.
There will be changes to the taxation of UK Non-Domiciles
We will provide details of these changes to “Non-Doms” if requested.