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The Impact Of The Finance Act 2008

The Finance Bill 2008 received Royal Assent on 21 July to become the Finance Act 2008.  In practical terms this means that the tax changes announced in the Chancellor’s Autumn Statement and the 2008 Budget have now become law and tax planning can proceed with that degree of certainty.

 

Two of the most sweeping changes were the introductions of a new capital gains tax regime and the transferrable nil rate bands for inheritance tax.  It is now imperative that family companies review their share structures to ensure that they are tax efficient in the event of a sale or exit.  Married couples should prioritise a review of their wills and estate planning to take account of the IHT changes.