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Capital Gains Tax

Trust Planning Opportunities

Despite rumours that the tax planning strategy would be closed in the Budget, the Capital Gains Tax (CGT) hold over relief when assets are transferred into or out of a trust is still available. This relief currently enables a non-business asset, such as an investment property, to be transferred without paying CGT. The relief applies […]

Read more December 8th, 2021

No Change To Christmas Gift Tax

Many were expecting the chancellor to announce changes to Inheritance Tax (IHT) in his Autumn Budget. However, like Capital Gains Tax (CGT), the rules have remained broadly the same as last year. That means that each tax year individuals may make gifts of up to £3,000 in total and that amount is not included in […]

Read more December 6th, 2021

Check That Your Shares Qualify For CGT Business Asset Disposal Relief

A recent case before the tax tribunal has confirmed that all of a company’s shares are ordinary shares except those that carry a fixed rate of return. This is crucial as CGT business asset disposal (BAD) relief requires a shareholder to be entitled to at least 5% of a company’s ordinary share capital in addition […]

Read more June 15th, 2021

Possible Changes To Capital Taxes

The Office of Tax Simplification (OTS) has been asked by the Treasury to review both Inheritance Tax (IHT) and Capital Gains Tax (CGT) recently which again suggests there could be changes to those taxes that may require pre-emptive planning action. Will CGT rates go up? The OTS report highlighted the mismatch between CGT and income […]

Read more February 10th, 2021

Rent Covered By Rent A Room Relief

For many property owners, the rental income will be tax free if it is within the £7,500 rent a room relief and will not even need to be reported. This applies where room(s) in the taxpayer’s main residence are rented out, typically to lodgers. Where the house is owned jointly, they would qualify for £3,750 […]

Read more November 12th, 2020

CGT Business Asset Disposal Relief Lifetime Limit Just £1 Million

In the March 2021 Budget, it was announced that CGT Entrepreneurs’ relief (ER) was replaced by CGT Business Asset Disposal relief (BADR) for disposals on or after 11 March 2020. It was also announced that the 10% CGT rate would only apply to the first £1 million of qualifying gains in the taxpayer’s lifetime and […]

Read more November 11th, 2020

Rumours Of CGT Increases

There has been a lot of speculation in the Press that the Chancellor may introduce radical changes to capital gains tax to start to repay the substantial Government borrowings to support businesses and employees affected by the Coronavirus pandemic. It has been suggested that the current £12,300 CGT annual exemption will be reduced and the […]

Read more August 10th, 2020

Reporting Property Gains Within 30 Days

Since 6 April 2020 where UK residential property is disposed of, the resulting capital gain needs to be reported and the capital gains tax (CGT) paid within 30 days of completion of the disposal. There have been a number of teething problems with the new online reporting system. HMRC stated that there would be no […]

Read more August 6th, 2020

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