What is the impact of the 2022 Autumn budget changes on the Inheritance Tax threshold and the annual exemption on Capital Gains Tax?
The capital gains tax threshold before which CGT becomes payable reduces from April 2023 to 6,000 from the present 12,300. It will further reduce to 3,000 from April 2024 onwards. Pundits argue some will consider selling land and property assets now in haste before the law's implementation. The Inheritance or IHT tax threshold has been frozen again arguably to encourage older owners to speed up the shift to equity release or selling their property and downsizing or rightsizing. This is because older owners are often sitting in larger family properties and if they rightsized, these properties could be released for growing families.