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Capital Gains Tax

HMRC’s 2026 Tax Update

Before Andy Burnham became Prime Minister and the appointment of John Healey as Chancellor, HMRC published a raft of consultations and policy announcements on 23 June 2026. The wide-ranging package of consultations and policy announcements was aimed at making the tax system simpler, more digital and, in HMRC’s words, fairer. While many of the proposals […]

Read more September 22nd, 2026

Capital Gains Tax Update 2025

As we head into 2026/27, it should be remembered that, for most sales of capital assets, CGT will apply at 18% for basic rate taxpayers and 24% otherwise. The rate of CGT for business asset disposal relief (BADR) purposes will increase from 14% to 18% from 6 April 2026. Particularly in relation to business disposals, timing […]

Read more December 9th, 2025

Still Time For Year End Tax Planning!

With the tax/financial year end approaching, now is a good time to check that you’re making the most of the available reliefs and allowances available to you. Please talk to us if you think any of the issues affect you. Savings If you have some spare cash, an obvious tax planning point might be to […]

Read more February 24th, 2025

Proposed Repeal Of The Special Tax Treatment Of Furnished Holiday Lettings

The government has now issued the draft legislation to abolish the special tax treatment of furnished holiday lettings (FHL) with effect from 6 April 2025 for individuals (1 April 2025 for corporation tax). This change will remove the tax advantages that current FHL landlords have received over other property businesses in 4 key areas by: […]

Read more August 6th, 2024

How Can You Save On Capital Gains Tax?

Over the last two years, the tax-free allowance for Capital Gains Tax (CGT) has been cut by over three-quarters. For the tax year that recently began on 6 April 2024, the Annual Exempt Amount has been reduced to £3,000 (£1,500 for trustees). These reductions mean that more and more of us are likely to be […]

Read more May 9th, 2024

Year End Tax Planning

It’s not too late to undertake some end of year tax planning. If you have some spare cash, an obvious tax planning point would be to maximise your ISA allowances for the 2023/24 tax year (currently £20,000 each). You might also want to consider increasing your pension savings before 5 April 2024. Use a Lifetime […]

Read more February 5th, 2024

Paying Tax On Cryptoassets

HMRC recently launched a new campaign targeted at crypto investors as part of a crackdown on tax evasion. They have introduced a new disclosure and payment service for taxpayers to voluntarily disclose and pay any unpaid taxes associated with cryptoassets. Cryptoassets (also known as tokens or cryptocurrencies) include exchange tokens (for example, bitcoin), non-fungible tokens […]

Read more January 8th, 2024

HMRC Challenges LLP Scheme For Property Businesses

HMRC have recently published Spotlight 63 which alerts taxpayers to a marketed tax avoidance scheme that claims to help taxpayers reduce the tax payable on their property rental profits. The HMRC view is that the “hybrid” structure involving an LLP with individual and corporate members does not have the tax savings that the scheme promoters […]

Read more November 27th, 2023

HMRC “Nudging” Offshore Corporate Property Owners

HMRC may send a nudge letter to taxpayers whose tax affairs do not appear to be in order. As part of a new campaign, HMRC have used Land Registry data to identify offshore companies that own UK property. If HMRC suspects that the landowner has not met its UK tax obligations, they will issue one […]

Read more May 29th, 2023

Are You Buying Or Trading Crypto?

If you are thinking about buying crypto assets you need to know the basics and understand the risks before jumping in. And remember, if you decide to invest in crypto then you should be prepared to lose all the money you have invested. The range and accessibility of crypto currencies have grown rapidly in the […]

Read more May 3rd, 2023

Pension & CGT Annual Allowance

You might want to consider increasing your pension savings before 5 April 2023, if you have available ‘pension annual allowance’ to obtain tax relief for any additional contributions. The pension annual allowance includes any unused elements from the last three tax years as well. Under the current rules, the government adds to your pension contributions […]

Read more March 7th, 2023

CGT Problems On Residential Property

Capital Gains Tax (CGT) in respect of gains on residential property must be reported and paid to HMRC using the Property Disposals Return Service, as well as being reported in the taxpayer’s self assessment. For properties sold since 27 October 2021, the CGT must be paid within 60 days of completion of conveyance. In some […]

Read more February 22nd, 2023

CGT Annual Allowance – Use It Or Lose It

The CGT annual exempt amount reduces from £12,300 to just £6,000 for gains made in 2023/24. Remember that the 2022/23 allowance is lost if not used by 5 April 2023 and you might want to consider bringing forward disposals of chargeable assets where possible. Where a married couple who are higher rate taxpayers own a […]

Read more February 7th, 2023

Capital Gains Tax Annual Exemption Cut

Many were predicting that the rates of Capital Gains Tax (CGT) paid by individuals would increase, possibly to align with the rates of income tax. Instead, the Chancellor has announced that the current £12,300 annual tax-free CGT exemption (or allowance) will be reduced to just £6,000 in 2023/24 and only £3,000 in 2024/25. This change […]

Read more December 5th, 2022

CGT On Separation And Divorce

When a married couple or civil partners separate, tax planning is understandably not at the top of the list of their thoughts. However, a ‘no gain/no loss’ rule allows capital assets to be transferred between them free of Capital Gains Tax (CGT) up to the end of the tax year in which they permanently separate. […]

Read more June 23rd, 2022