Urgent action required for Married Persons / Civil Partners
Married Persons / Civil Partners may be aware that the Capital Gains Tax rules are changing from the 6 April 2008 when indexation relief for inflation, which was available until 6 April 1998, will be withdrawn.
In order to preserve this relief, consideration should be given to gifting assets acquired pre 6 April 1988 to your spouse/civil partner. (This is not applicable to your main home or assets which in total have a current value less than £9,200 more than the cost.)
This should significantly reduce the tax payable on eventual sale.
If this is relevant to you please contact us as soon as possible.