Important Changes From April 2008
April 3rd, 2008
The following list is a brief reminder of some of the more important changes that are due to take effect from April 2008:
- The total ISA contribution limit rises to £7,200 (£3,600 for cash) and the distinction between a mini and maxi ISA disappears.
- A Personal Equity Plan becomes an ISA.
- The Capital Gains Tax rate is due to change to a flat rate of 18%, with taper relief and indexation allowance disappearing. The Chancellor has announced an ‘entrepreneurs relief’ for business assets.
- The Inheritance Tax nil-rate band rises to £312,000.
- The small companies 2008 Corporation Tax rate rises to 21%.
- Any Accumulation & Maintenance trusts need to be reviewed in light of the changes due from 6th April 2008.
If you wish to discuss any of these in more detail, please contact your financial adviser.