When you don’t have to pay Capital Gains Tax
In most cases, there is no Capital Gains Tax (CGT) to be paid on the transfer of assets to a spouse or civil partner. There is, however, still a disposal that has taken place for
Posts Categorized: Capital Gains Tax
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Connected persons for tax purposes
The definition of a connected person for tax purposes can be complex.
A statutory definition of “connected persons” for Capital Gains Tax purposes is set out in
Tax on property you inherit
If you inherit property, you are usually not liable to pay tax on the inheritance you receive. This is because any Inheritance Tax (IHT) due should be paid out of the deceased’s
Working out capital gains
As with the 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
Selling overseas property
As a general rule, if you are resident in the UK, you are liable to pay Capital Gains Tax (CGT) when you sell (or dispose of) an overseas property at a gain.
The annual exempt
Capital Gains Tax Gift Hold-Over Relief
Gift Hold-Over Relief is a tax relief that results in a deferral of Capital Gains Tax (CGT). The relief can be claimed when assets are given away (including certain shares) or sold
Using Capital Gains Tax losses
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 had a gain taken place, then the
Selling your home – taxes to pay
In general, there is no Capital Gains Tax (CGT) on a property which has been used as a main family residence. An investment property which has never been used will not qualify.
Clearance to secure exempt distribution status
Most payments a company makes to its shareholders, in respect of their shares, will be qualifying distributions and may be subject to Income Tax.
If certain conditions are met,
Capital Gains during separation and divorce
The Capital Gains Tax (CGT) rules that apply during separation and divorce changed for disposals that occur on or after 6 April 2023. These changes extended the period for
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