It had already been announced that the CGT annual exempt amount would increase to £11,000 for 2014/15 and £11,100 for 2015/16. With a top CGT 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.
Please contact us if you wish to discuss capital gains tax and inheritance tax planning to help you take advantage of these valuable allowances.
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.