Tag Archives: capital gains tax

Tax Implications on Sales of Holiday Homes Overseas

Dreaming of an Overseas Holiday Home? Consider UK Tax Implications…   When summer fades into a distant memory and winter is on the horizon, many of us dream of the sand, sea, and sunshine an overseas holiday home can bring, without much thought to the UK tax implications of owning […]

Planning Steps for Your Portfolio Before a Capital Gains Tax Rise

The History and Benefits of Bed and Breakfasting For many years UK investors used a method called Bed and Breakfasting to increase the base cost of their assets. This used their annual exemptions and minimised CGT on an eventual sale. It used to be possible to do this across a […]

Property Tax legislation

property tax

Over the last few years there have been numerous changes to tax legislation relating to residential properties. We thought it would be a good idea to have a quick reminder on the main areas you need to consider. Capital Gains Tax Reporting regime UK residents who sell their UK residential […]

OTS Report 20 May 2021 – The future of Capital Gains Tax?

capital gains tax

On 20 May 2021 the Office of Tax Simplification published the second part of its review of Capital Gains Tax (CGT). Whilst most taxpayers encounter income tax, National Insurance Contributions (NICs) and VAT every day, the report is concerned that many taxpayers are strikingly unaware of their obligations to report […]

Transfer of Shares – tax issues to consider

shares transfer

The dawning of a new tax year commonly sees a flurry of share transfers as business owners seek to ensure their extractions of profits are tax-efficient. However, transfers of shares between family members and employees can hold lots of hidden tax charges.   Here are three of the main types […]

Proposed Changes to Capital Gains Tax

Capital Gains Tax

COVID-19 has borne witness to increased public spending on an unprecedented scale.  It has been estimated the UK is facing an annual bill of more than £300 billion to cover the cost of measures such as the furlough and self-employed support schemes. Earlier this year, Chancellor of the Exchequer Rishi […]

Moving Home? Beware of a possible tax trap

moving house tax

The sale of your home is not always exempt from capital gains tax.  There are many quirks to the capital gains tax rules and we would recommend always contacting us for a quick chat if you are selling a property – or any other investment asset – even if it […]

What are the tax implications of the July 2020 Summer Statement for homeowners?

homeowner tax

If home is where the heart is, homeowners are consistently at the heart of any Budget and last week’s Summer Statement proved no exception.   Prior to the Chancellor Rishi Sunak’s announcement last week there were whispers of a Stamp Duty Land Tax (SDLT) slash to be introduced from Autumn […]

Budget 2020 – Personal Finance Summary

Budget Briefcase

The new chancellor has just sat down after delivering his first budget statement.  The issue of the government’s response to coronavirus dominated the first part of his speech. Of more interest to us and our clients were the measures that directly affect personal finances. Our summary of the key issues: […]

UK residential property capital gains tax – new rules

Residential property capital gains tax

On 6 April 2020 new tax rules are being introduced which mean that: • All sales of UK residential property, – on which there is a chargeable capital gain, – must be reported to H M Revenue Customs within 30 days of completion; • The tax must be paid at […]