Finally, the main event. The moment we had all been waiting for. The Chancellor announced a cut to Capital Gains Tax on the sale of residential property. Property gains, the one type of gain that attracts a higher rate of tax relative to other assets, will be taxed at...
When an individual sells their home, subject to rules on size and use, ordinarily any gain on sale is exempt from Capital Gains Tax (CGT). The relief is provided through legislation under Section 222 TCGA 1992: Relief on disposal of private residence This section...
You may be subject to Capital Gains Tax (CGT) whenever you sell an additional property, shares, or other assets as Capital Gains Tax must be calculated for any gains you receive. It can be a complicated exercise to determine the right amount of CGT you should be...
If you’re thinking about investing in property and wondered whether a Property Investment Company may be the way forward, read on.
Why use a specialist property tax accountant? It’s a question we get asked regularly and one you may have thought about. The short answer is if you speak to the right property tax specialist you should pay the lowest amount of income tax, Inheritance tax, capital...
Capital Gains Tax Reporting deadline increases to 60 days The Autumn Budget 2021 includes an announcement that the Capital Gains Tax Reporting deadline is to be extended to 60 days from the previous deadline of 30 days. For disposals of UK residential property...
What is the position on Capital Gains Tax and Rent a Room? As a capital gains tax accountant we often get asked about how CGT applies to landlords letting a room in their house under the rent a room scheme. Capital Gains Tax and Rent A Room relief offer a unique...
Air BnB Furnished holiday lettings have a number of tax advantages compared to standard residential lets. One of the key ones is the availability of business asset rollover relief. This enables furnished holiday let owners to sell one property and invest in another...
Spouses and civil partners benefit from special rules which could be an option on how to avoid capital gains tax. These allow spouses to transfer assets between themselves at a value that gives rise to neither a gain nor a loss. The transferee spouse/civil partner...
On paper, it’s cut and dried in terms of who needs to report capital gains tax and by when. But what happens when there’s no capital gains tax to pay? Do you still need to submit a report?