As with Income Tax personal allowances, taxpayers have an annual exempt amount for Capital Gains Tax (CGT) which is forfeited if not used. The annual exemption for individuals in 2020-21 is £12,300. A
Capital Gains Tax (CGT) is normally charged at a simple flat rate of 20% when you sell shares unless they are in a CGT free wrapper such as an ISA or pension.
If you only pay basic rate tax and make
Business Asset Rollover Relief is a valuable relief that allows you to defer payment of CGT on gains made when you sell or dispose of certain assets and use all or part of the proceeds to buy new
A chattel is a legal term that defines an article which is a tangible moveable property. A tangible object is one that you can touch. The asset has to be a physical asset such as household furniture,
HMRC has issued a press release to remind taxpayers that have sold a residential property, which was not their main home, during the 2019-20 tax year that the payment date for any Capital Gains Tax
Business Asset Disposal Relief used to be known as Entrepreneurs’ Relief before 6 April 2020. The relief was renamed in Finance Act 2020. The name change does not affect the operation of the
If you are in business as a self-employed sole trader or as part of a partnership, there may be occasions when you are required to pay Capital Gains Tax (CGT). CGT is normally charged at a flat rate
There are special rules in place for taxpayers who gift land, property or certain shares to charity. This can include Income Tax and Capital Gains Tax (CGT) relief provided all the necessary
There is usually no Capital Gains Tax (CGT) due on a property which has been used solely as the main family residence. Conversely, an investment property which has never been used as a private
When a couple is in the process of becoming separated or divorced it is unlikely that they are thinking about the tax implications of doing so. However, it is important that the tax consequences of
The Capital Gains Tax (CGT) reporting and payment date for UK residents that sell certain residential property changed from 6 April 2020. This change meant that any CGT due on the sale of a
The Chancellor, Rishi Sunak has written to the OTS (Office of Tax Simplification), asking the OTS to undertake a review of Capital Gains Tax (CGT) and aspects of the taxation of chargeable gains in
