capital taxation Archives - Page 7 of 21 - Whitefield Tax - Isle of Wight Accountants

IHT exemption – Emergency Responders – Volunteers and Employees

by Jessica Garbett | Jun 22, 2020 | ACCA, capital taxation, Covid19

Inheritance Tax Act 1984 S153A provides an exemption from Inheritance Tax for an emergency responder whose death occurs as a result of responding to emergency circumstances. The exemption applies where the death results from: an injury sustained, accident occurring,...

CGT and the disposal of residential properties

by Jessica Garbett | Jun 17, 2020 | ACCA, capital taxation

A walk-through of the real time capital gains tax service. From 6 April 2020, UK residents within the charge to capital gains tax (CGT) face yet another change for direct disposals on residential properties – a return and payment of CGT has to be made within 30 days...

Budget: CGT – reduction in Entrepreneurs’ Relief lifetime limit

by Jessica Garbett | Mar 13, 2020 | ACCA, budget, capital taxation

Significant cut to lifetime limit – but not quite abolition. Effective immediately (from 11 March 2020) the lifetime limit on gains eligible for Entrepreneurs’ Relief (which offers a reduced 10% rate of CGT on qualifying disposals) will be reduced from £10m to £1...

HMRC loses a principal private residence relief case (for now)

by Jessica Garbett | Feb 24, 2020 | ACCA, capital taxation, personal taxatation

Recent case will have a major impact on the availability of PPR relief and may be particularly relevant in the post-Brexit property market. In the most recent chapter of the Higgins vs. HMRC case relating to principal private residence relief, the Court of Appeal...

How does the death of a taxpayer affect capital gains tax?

by Jessica Garbett | Feb 20, 2020 | ACCA, capital taxation

An examination of four key areas to consider. The people involved would be the individual who has died, the personal representatives (known as executors if there is a will and as administrators if there is no will) and the legatees (the beneficiaries of the estate)....

Capital gains exemptions and reliefs

by Jessica Garbett | Feb 10, 2020 | ACCA, capital taxation

A quick refresher from ACCA on the various exemptions and reliefs available on CGT transactions? Capital gains tax (CGT) is charged when there is a chargeable disposal of a chargeable asset by a chargeable person. All forms of property are chargeable assets unless...

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IHT exemption – Emergency Responders – Volunteers and Employees

CGT and the disposal of residential properties

Budget: CGT – reduction in Entrepreneurs’ Relief lifetime limit

HMRC loses a principal private residence relief case (for now)

How does the death of a taxpayer affect capital gains tax?

Capital gains exemptions and reliefs

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