Budget 2014 – Capital taxes

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As previously stated on this blog, capital gains tax reliefs were always planned to be introduced in Budget 2014.  The capital gains tax annual exempt amount will increase to £11,000 for 2014/15 and £11,100 for 2015/16. With a top rate of 28% this allowance potentially saves just over £3,000 a year, or £6,000 for a married couple.

There has been no change in the inheritance tax nil rate band which remains at £325,000 until 2018.

The only significant change to inheritance tax is the proposed extension in the exemption that applies to the military who die on active service to those in the emergency services.

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