PKF has said that the chancellor’s pre-Budget report involved a ‘clever’
sleight of hand on IHT, while welcoming the simplifications to the CGT regime.
‘The vote-winning potential of the Tories’ election-busting IHT proposal
certainly stirred up Darling’s creative juices,’ said Peter Pennycard, tax
partner at PKF. ‘By doubling the inheritance tax threshold for married couples
and civil partnerships to £600,000 immediately and to £700,000 by 2010, he has
not only stolen the Tories’ thunder but will ease the tax burden for millions of
‘The abolition of Capital Gains Tax taper relief and introduction of a flat
rate of 18% was a major surprise, which reversed a major relief first introduced
by Gordon Brown in 1998’, he added.
‘On the whole the small business community will welcome this move for its
simplicity although in some instances it will mean paying more tax as the
minimum rate of CGT currently payable is 10%.’
Pennycard also admitted that the non-dom crackdown could be seen as stealing
the Tories’ clothes.
‘The chancellor’s announcement that non-domiciles will have to pay either a
flat fee of £30,000 or UK tax on their unremitted income and gains once they
have been in the country for seven years is politically astute, albeit he could
be accused of stealing the Tory policies.’
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The UK tax gap fell in 2014-15 to its lowest-ever level of 6.5%, revealed official statistics published today