The next Tax Newsletter will concentrate on developments from the Budget on 22 June. In the meantime you should consider creating a disposal before then of an asset standing at a gain in case CGT rates are increased in line with the Coalition Goverment agreement as follows:

"We further agree to seek a detailed agreement on taxing non-business capital gains at rates similar or close to those applied to income, with generous exemptions for entrepreneurial business activities".

The same statement was included in the Queen's Speech on the opening of parliament, but with the word "closer" replacing "close". Whether that subtle change has any significance remains to be seen.

If you own a chargeable asset which stands at a gain, you should consider the following - with particular attentions where you planned to sell the asset later this year.

Property: Transfer to limited company or trust.

Quoted Shares: Sell. Can buy back if desired, after 30 days. Or immediate repurchase by spouse/civil partner or own ISA.

Unquoted shares in trading company: No action unless gain over