Capital Gains Tax

6
Feb

Shareholders must also be officers or employees

  In order to qualify for CGT entrepreneurs’ relief on the disposal of shares, the shareholder must have been an officer or employee of the trading company or group throughout the twelve months up to the date of disposal. Although there is no minimum  number of hours, it is important that there Is evidence that this condition is satisfied, so

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6
Feb

Do you have enough shares to qualify for CGT Entrepreneurs’ Relief?

  Entrepreneurs’ Relief reduces the rate of CGT to 10% on the first £10 million of gains on the disposal of qualifying business assets. This would include sole traders disposing of their business and partners disposing of their interest in a partnership carrying on a business. With many businesses operating as limited companies these days it is important to appreciate

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5
Dec

Income Tax not CGT on property sale

  Finance Act 2016 brought in new rules to ensure that overseas property traders and developers are subject to UK income tax or corporation tax when they dispose of UK properties from 5 July 2016. However the way in which the legislation is drafted may catch some buy-to-let landlords. The new rules treat UK property sales/development of land as part

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12
Sep

Liquidating a company – is it a capital gain?

  One of the anti-avoidance measures being introduced by the latest Finance Bill potentially changes the way that certain payments to shareholders will be taxed. This may result in payments following some company liquidations being taxed as dividends instead of capital gains. The Government is concerned that the new  higher rates of income tax that have applied to dividends since

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4
Jul

Thinking about incorporating your business?

  Where a sole trader, partnership or LLP has established a significant value for the goodwill of their business it was possible up until 3 December 2014 to transfer that goodwill to a limited company and pay just 10% capital gains tax by claiming entrepreneurs’ relief. The former owner(s) could then draw down on the loan account created with the

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18
Mar

Budget 2016 – key points

Some 600,000 small business to be taken out of business rates. George Osborne has announced that some 600,000 small businesses will be taken out of business rates from next year. Also approximately 250,000 firms will pay less in business rates  under the plans announced in the budget. In the Budget it was confirmed that  Small Business Rate Relief (SBRR) would be

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16
Mar

YEAR END CAPITAL GAINS TAX PLANNING

Have you used your 2015/16 £11,100 annual exemption?  Consider selling shares where the gain is less than £11,100 before 6 April 2016. Also, 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 income under certain circumstances.  

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