Budget 06: Government strikes ‘bed and breakfasting’

Budget 06: Government strikes 'bed and breakfasting'

The government has moved to block tax avoidance involving the relief on capital gains tax.

Measures have already been taken in this sensitive area, but the new measures
will block schemes that avoid capital gains tax on substantial gains.

The new rules will stop someone selling shares, then ceasing to be a UK
resident to avoid CGT, only to buy identical shares within 30 days of the
original sale – a process otherwise known as bed and breakfasting.

The new rules are effective from today.

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