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
Reminder of important CGT change from April 2020
A major change to the way Capital Gains Tax (CGT) is reported and paid will come into effect from 6 April 2020. Currently, the usual due date for paying any CGT owed to HMRC on
New tax deadline for property sales
The 6 April 2020 will see a seismic change in the deadline for UK residents that sell a residential property when Capital Gains Tax (CGT) on the sale is due. Currently, the due
Relief for CGT losses
Usually, if you sell an asset for less than you paid for it you would make a capital loss. As a general rule, if the asset would have been liable to CGT if a gain had resulted when
CGT – Gift Hold-Over Relief
Gift Hold-Over Relief is a relief that defers Capital Gains Tax (CGT) when assets are given away (including certain shares) or sold for less than they’re worth to the buyer.
Exemptions from CGT
Capital Gains Tax (CGT) is a tax on the profit made on the disposal of an asset that has increased in value. Whilst most taxpayers are aware of their annual tax-free allowance