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There was little or no mention of changes to Capital Taxes in the Spring Budget 2017 so it is worth re-capping on some of the changes, previously announced, which will take place in the coming Tax Year.
The residence nil rate band will apply from 6th April 2017. The additional allowance is available against the death estate when a residence is passed to a lineal descendant. The allowance will be phased in with the initial amount being £100,000 from this April. Thereafter it will increase in £25,000 increments such that it will reach £175,000 by April 2020.
As announced at Summer Budget 2015, from April 2017 non UK domiciled individuals will be deemed domiciled in the UK for Tax purposes where they have been UK resident for 15 of the past 20 years (current rules are 17 of the past 20 years).
The annual exemption for Capital Gains Tax will increase to £11,300 for individuals and £5,650 for Trustees, with effect from 6th April 2017. There have been no other changes announced.
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