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Capital Gains Tax

Consider Other Tax Efficient Investments

If you are looking for investment opportunities, have you considered the Enterprise Investment Scheme (EIS)? These investments in certain qualifying companies allow you to set off of 30% of the amount invested against your income tax bill as well as the ability to defer Capital Gains Tax (CGT) until the shares are sold. An even […]

Read more March 12th, 2020

Yet Another Chancellor – Big Changes In The Budget?

The last Budget was nearly 18 months ago and since then, we have had three different chancellors after the unexpected resignation of Sajid Javid. The early years of a new Parliament are usually a good time to make radical changes and many are predicting significant tax changes on March 11. Rather than increasing headline tax […]

Read more March 2nd, 2020

The World Of Property And Where Are We?

So where are we in terms of the impact to the world of property? Here’s what we can expect to happen this year from a Tax and Legislation perspective:

Read more January 14th, 2020

Furnished Holiday Letts Qualify For CGT Relief

As mentioned in another article, furnished holiday lettings businesses are eligible for capital allowances on equipment in the property. Where the business incurs finance costs such as mortgage interest the restriction that applies to other residential property businesses does not apply to furnished holiday lettings. It should also be noted that qualifying furnished holiday lettings […]

Read more November 11th, 2019

2019 Budget Delayed

It was announced on 14 October that Sajid Javed’s first budget would be on 6 November but with a general election in December when will it be now? The current political uncertainty makes it difficult to give clear tax advice as a number of key proposals in the draft Finance Bill scheduled to take effect […]

Read more November 11th, 2019

Flipping Property

It is a very important question to ask on how to structure the purchase and sale of a property you intend to buy and sell with the intention of making a profit. Many people look at this and decide to do this in their own names as a capital gain. As individuals, we all have […]

Read more October 10th, 2019

Inheritance Tax To Be Simplified

The Office of Tax Simplification (OTS) have undertaken a detailed review of Inheritance Tax (IHT), which is perceived by many as a complicated tax. The government normally takes account of OTS recommendations and their report is likely to lead to future changes to the rules. We will keep you posted as the changes may mean […]

Read more August 12th, 2019

CGT Property Relief Changes

CGT Private Residence Relief Draft legislation to be included in the next Finance Bill will make important changes to the calculation of Capital Gains Tax (CGT) private residence relief. As announced in the Autumn 2018 Budget, there will be a reduction in the final period exemption to 9 months, with stricter conditions for letting relief […]

Read more August 9th, 2019

Possible Changes To CGT Private Residence Relief

The government is currently consulting on important changes to Private Residence Relief (PRR), that are likely to be introduced from 6 April 2020. The two possible changes announced in the Autumn 2018 Budget are: Firstly to limit to just 9 months the period prior to disposal that counts as a period of deemed occupation The […]

Read more May 10th, 2019

Year End Capital Tax Planning

Have you used your 2018/19 £11,700 annual capital gains exemption? Consider selling shares where the gain is less than £11,700 before 6 April 2019. In addition, if you have any worthless shares, consider a negligible value claim to establish a capital loss. You may even be able to set off that capital loss against your […]

Read more March 12th, 2019

Not All Shares Qualify For CGT Entrepreneurs’ Relief Now

As the result of changes announced in the Autumn Budget, and now incorporated into the latest Finance Bill, not all ordinary shares necessarily qualify for the 10% CGT entrepreneurs’ relief rate on disposal. As mentioned in last month’s Budget newsletter the definition of a personal company was tightened up so that from 29 October the […]

Read more December 7th, 2018

Christmas Is The Time For Giving

Those thinking about making gifts at Christmas should take advantage of the various inheritance tax (IHT) exemptions and reliefs available to them. Note that certain gifts can also have capital gains tax (CGT) implications. The IHT Annual Exemption – Use it or lose it! Although not particularly generous at £3,000 per donor per annum if […]

Read more December 6th, 2018

CGT On Property Sales Due Within 30 Days From 2020

Draft legislation in the next Finance Bill will introduce significant changes to the reporting of residential property disposals and the payment of CGT from 6 April 2020. Currently, non-UK resident taxpayers disposing of UK residential property are required to report the disposal to HMRC within 30 days. The new legislation extends this reporting obligation to […]

Read more August 13th, 2018

Proposed Changes To UK Domicile Rules

Where an individual is resident but not domiciled in the UK there are special rules that apply to that person’s overseas income and capital gains. Plus only their UK assets are charged to inheritance tax. The Government has been consulting this summer on possible changes to the rules from 6 April 2017. Currently, the UK […]

Read more December 23rd, 2016

Paying Capital Gains Tax Earlier

Capital Gains Tax (CGT) is normally payable by individuals by 31 January after the end of the tax year in which the gain arose. This gives the taxpayer between 10 and 22 months from receipt of the proceeds to calculate the tax due and pay it over to HMRC. From 6 April 2015 non-resident taxpayers […]

Read more December 9th, 2015