capital taxation Archives - Page 8 of 22 - Whitefield Tax - Isle of Wight Accountants

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...

Could entrepreneurs’ relief cease to exist?

by Jessica Garbett | Feb 3, 2020 | ACCA, capital taxation

With Budget 2020 due next week, this article from ACCA is pertinent Examining the definition of ‘trading’ in CGT reliefs and asking if entrepreneurs’ relief will continue to exist. The October 2019 ruling of the First Tier Tribunal in Potter provided clarification...

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Next Entries »

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

Could entrepreneurs’ relief cease to exist?

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