Tax and divorce
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
Reporting gains on residential property
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
Review of CGT on the cards?
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
Reporting Capital Gains on residential property
The Capital Gains Tax (CGT) reporting and payment date for UK residents that sell a residential property changed from 6 April 2020. This change means that any CGT due on the sale
Spring Budget 2020 – Entrepreneurs’ Relief
The Chancellor confirmed that a review into the effectiveness of Entrepreneurs' Relief has now been completed. Where this relief is available Capital Gains Tax of 10% is
Spring Budget 2020 – Capital Gains Tax
The annual exemption for individuals is currently £12,000. From 6 April 2020, this will increase to £12,300. A husband and wife each have a separate exemption. Same-sex
Residential property sales from April 2020
We have included updates in our newsfeed earlier this year that sales of residential property subject to Capital Gains Tax (CGT) – from 6 April 2020 – will need to be
Meaning of goodwill for CGT purposes
Goodwill is a subject we hear about often but interestingly is rarely mentioned in legislation. In fact, the term 'goodwill' is not defined for the purposes of the Capital
Still time to utilise annual tax-free allowance
We would like to remind our readers that there is still time to use the annual exemption for Capital Gains Tax (CGT). In the current 2019-20 tax year, this amounts to
Gifts to spouse or charity
There is usually no Capital Gains Tax (CGT) to be paid on the transfer of assets to a spouse or civil partner. However, the gift is still treated as a disposal that has taken place