BREAKING: Capital Gains Tax Allowance to Drop by 75%
Significant Changes Announced in Autumn Statement
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In a major policy shift, Chancellor Jeremy Hunt has announced a drastic cut to the Capital Gains Tax (CGT) allowance, effective from April 2024. The move will see the tax-free allowance reduced from its current level of £12,300 to just £3,000, a reduction of over 75%.
This drastic change will significantly impact individuals who profit from the sale of assets, such as property or investments. The move has been met with concern from financial experts and taxpayers alike, who worry about the potential negative consequences it will have on the economy and investment activity.
In addition to the CGT allowance cut, the Chancellor also announced other tax changes, including a rise in the personal income tax threshold, increases to National Insurance and Dividend Tax rates, and changes to the state pension system. These measures are part of a larger package of tax and spending measures designed to address the UK's rising cost of living and economic challenges.
The full details of the Autumn Statement are still being analyzed, and further updates will be provided as they become available. In the meantime, those affected by the CGT allowance reduction are advised to seek professional financial advice to understand the implications and plan accordingly.
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