- Financial planning
- 6 minute read
The changes made to capital gains tax (CGT) as part of the Governments autumn statement in November 2022 mean that the annual capital gains exempt amount will significantly reduce over the following years, resulting in more people having a potential tax liability on the disposal of assets. The below provides a high level explanation of what CGT is and how the changes will potentially affect individuals and trusts.
This guide is designed for information purposes only and we strongly advise that you speak to your adviser to understand the implications to you based on your specific circumstances.
The taxation information above is based on our interpretation of current legislation and HMRC practice. Please remember that current tax benefits may change in the future. The examples shown throughout are for illustrative purposes only. You should be aware that Close Brothers Asset Management will not accept responsibility for taxation advice and we strongly recommend that you take advice on such matters from a suitably qualified tax practitioner.