| UPDATED: 18:16, Wed, Feb 24, 2021
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Chancellor Rishi Sunak could make big changes to inheritance tax, impacting many savers in the UK amid the economic downturn from the pandemic. The economy suffered its biggest slump in over 300 years in 2020, although the UK has narrowly avoided a double dip recession. Britain s GDP dropped to 25 percent lower in April 2020 than it had been two months earlier in February 2020. Economic activity picked up over the spring and summer, reflecting the opening up of the economy and pent-up demand from the first lockdown.
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Trisha Siddique and Helen Barnett: CGT and divorce explained
Breaking up is hard to do
CGT and divorce explained
Lawyers Trisha Siddique and Helen Barnett look at the CGT consequences of divorce in light of potential changes in the upcoming Budget
With the next Budget Day fast approaching on 3 March, there has been a lot of speculation about a possible rise in rates of capital gains tax (CGT). This speculation has been fuelled by the release.
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Tony Wickenden: Could HMRC challenge your client’s right to Bad relief?
Business assets disposal relief can provide huge CGT savings for business owners, but a recent case raises questions over the clarity of 18
th February 2021 10:53 am
Like capital gains tax generally, you may have seen business assets disposal relief discussed in the news recently mostly due to concern over its possible material amendment or even abolition.
The fear has been raised thanks to the well-publicised Office of Tax Simplification review of CGT and its first report on changes that could be considered.
The main conditions for Bad relief (previously called entrepreneur’s relief) in the case of a disposal of shares in or securities of a trading company, or of an interest in such shares or securities are that the shares disposed of should have been in the disposer’s personal trading company and owned for two years prior to disposal.