In October 2020, an unprecedented £72 million was raised in capital gains tax, compared with £4 million in October 2019. According to an article in the Financial Times, the new (since April 2020)...
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Incorporation relief: Proceed with caution!
8th April 2020
The transfer of chargeable assets from an unincorporated business to a company is a disposal for CGT purposes.
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Capital gains tax: New rules will accelerate tax deadline for property sales
9th March 2020
From 6 April 2020, the deadline for paying tax due on residential property gains will be effectively shortened for UK taxpayers. Capital gains tax is normally payable within 10-22 months from the...
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Entrepreneurs' relief: the end of an era or an error?
19th February 2020
The title of this blog is deliberately ambiguous because it addresses a conundrum as old as capital gains tax itself:
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Loans to traders: There's no guarantee!
9th January 2020
The number of capital loss relief claims made in respect of irrecoverable loans to businesses and guarantee payments has seemingly increased significantly since the commencement of the financial...
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Private residence relief – Married couples ‘living together’ for CGT purposes
19th January 2012
Married couples (and civil partners) benefit from favourable treatment for certain tax purposes. A common example is the ‘no gain, no loss’ capital gains tax (CGT) treatment for inter-spouse...
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Ownership and tax issues – HMRC guidance on constructive and resulting trusts
22nd December 2011
It is straightforward in most cases to establish an individual’s income entitlement for tax purposes. However, there are exceptions. HM Revenue andCustoms (HMRC) recently issued new guidance in its...
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