Capital Taxes

CGT annual exemption

The government has announced that the capital gains tax annual exempt amount will be reduced from £12,300 to £6,000 from 6 April 2023 and to £3,000 from 6 April 2024.

Estates in administration and trusts

Changes are introduced which will affect the trustees of trusts and personal representatives who deal with deceased persons’ estates in administration, and beneficiaries of estates over the next few years:

  • Provide that trusts and estates with income up to £500 do not pay tax on that income as it arises.
  • Remove the default basic rate and dividend ordinary rate of tax that applies to the first £1,000 slice of discretionary trust income.
  • Provide that beneficiaries of UK estates do not pay tax on income distributed to them that was within the £500 limit for the personal representatives.

CGT annual exemption

The government has announced that the capital gains tax annual exempt amount will be reduced from £12,300 to £6,000 from 6 April 2023 and to £3,000 from 6 April 2024.

Estates in administration and trusts

Changes are introduced which will affect the trustees of trusts and personal representatives who deal with deceased persons’ estates in administration, and beneficiaries of estates over the next few years:

  • Provide that trusts and estates with income up to £500 do not pay tax on that income as it arises.
  • Remove the default basic rate and dividend ordinary rate of tax that applies to the first £1,000 slice of discretionary trust income.
  • Provide that beneficiaries of UK estates do not pay tax on income distributed to them that was within the £500 limit for the personal representatives.
Capital Taxes

Our Offices

King's Lynn Office

22-26 King Street, King’s Lynn,
Norfolk, PE30 1HJ

Open 9am until 5pm Monday to Friday

T:   01553 774104

E:   kingslynn@stephenson-smart.com

Gorleston Office

East Coast House, Galahad Road, Beacon Park,
Gorleston, Great Yarmouth, Norfolk, NR31 7RU

Open 9am until 5pm Monday to Friday

T:   01493 382500

E:   eastcoastoffice@stephenson-smart.com

Acle Office

Queens Head House, The Street, Acle,
Norwich, Norfolk, NR13 3DY

Open 8:30am until 5pm Monday to Friday

T:   01493 750207

E:   acle@stephenson-smart.com

Fakenham Office

10 Oak Street, Fakenham,
Norfolk, NR21 9DY

Open 9am until 5pm Monday to Friday

T:   01328 863318

E:   fakenham@stephenson-smart.com

Wisbech Office

2 The Crescent, Wisbech,
Cambridgeshire, PE13 1EH

Open 9am until 5pm Monday to Friday

T:   01945 463383

E:   wisbech@stephenson-smart.com

March Office

23 Dartford Road, March,
Cambridgeshire, PE15 8AN

Open 9am until 5pm Monday to Friday

T:   01354 653026

E:   march@stephenson-smart.com

Downham Market Office

1st Floor, 9 Market Place,
Downham Market, Norfolk, PE38 9DG

Open 9:30am until 4:30pm Tuesdays and Fridays

T:   01366 384121

E:   downhammarket@stephenson-smart.com

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