Capital Gains Tax

5
Nov

PPRR: Changes to Capital Gains Tax

Special Report: Changes to Capital Gains Tax, private residence and lettings reliefs Home sweet home For many, owning and selling their own home is thought to be tax-free but, as always, tax is never quite as simple as that. Principal Private Residence Relief (PPRR) is a set of tax rules which are designed to ensure that the sale of a

Read more

7
Jun

Consultation on ancillary CGT reliefs

  Consultation on ancillary CGT reliefs A capital gains tax (CGT) exemption applies when an individual disposes of a dwelling that has been used as their only or main residence under the Private Residence Relief (PRR) rules. The exemption applies as long as the relevant conditions are met throughout the total period of ownership. These CGT reliefs are supplemented by

Read more

6
Sep

HMRC warning: time to declare offshore assets

  HMRC warning: time to declare offshore assets HMRC is warning that taxpayers could face penalties if they fail to declare their income on foreign assets before new ‘Requirement to Correct’ legislation comes into force. HMRC is urging UK taxpayers to come forward and declare any foreign income or profits on offshore assets before 30 September to avoid higher tax

Read more

5
Feb

Invest in EIS or Seed EIS qualifying companies

  Before 6 April 2018, individuals may invest in companies that qualify under the Enterprise Investment Scheme (EIS) and treat that investment as having been made in 2016/17. The tax relief is 30% of the amount invested.  So a £20,000 investment can reduce the 2016/17 tax liability by £6,000. Investing in a Seed EIS qualifying company is even better as

Read more

7
Nov

Furnished holiday letting business is not a business for IHT relief

  A furnished holiday letting business is treated as a trade for most tax purposes. For example, capital allowances are available on furniture, and CGT entrepreneurs’ relief is available on disposal of the business. However, a recent tax case has determined that a holiday letting business in Cornwall did not qualify for inheritance tax business property relief. Despite the provision

Read more

10
Oct

Must own 5% to qualify for CGT entrepreneurs relief

  In order for a shareholder to qualify for CGT entrepreneurs relief on the disposal of their shares, they must be an officer or employee of the company (or group) and hold 5% or more of the company’s ordinary share capital and voting rights for 12 months prior to the disposal. The company must also be a trading company or

Read more

5
Jun

Election on 8th June – what’s in the manifestos?

  The decision to call a snap General election on 8th June caught many of us by surprise. The various political parties have been rushing out their manifestos making all sorts of promises if elected. These documents are becoming increasingly important. Bringing in measures contrary to a manifesto, like the increase in Class 4 National Insurance Contributions (NICs) from 9%

Read more

5
May

Selling land to a developer – is that trading or a capital gain?

  Farmers and other landowners will often be approached by developers seeking to obtain planning permission to build on the land. Great care is needed to avoid unnecessary tax charges on the transaction. HMRC have recently updated their guidance on transactions in land clarifying that under certain circumstances some of the eventual profit can be taxed as income not a

Read more

2
Mar

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 30% of the amount invested against your tax bill as well as capital gains tax (CGT) deferral.  An even more generous tax break is available for investment in a qualifying Seed EIS company

Read more

6
Feb

Property sales – trading or capital gain?

  In the December edition of this newsletter we flagged up that new anti-avoidance legislation in Finance Act 2016 will tax certain transactions in UK land as trading transactions instead of capital gains. Just before Christmas, HMRC issued guidance to clarify the scope of the new rules. The legislation as enacted in Finance Act 2016 was drafted in such a

Read more

By continuing to use this site, you agree to the use of cookies. more info

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

Close