Nominating a principal private residence

Nominating a principal private residence

There is usually no Capital Gains Tax (CGT) due on a property which has been used solely as the main family residence. Conversely, an investment property which has never been used as a private residence will not qualify for relief. This relief from CGT is commonly...
Tax and divorce

Tax and divorce

When a couple is in the process of becoming separated or divorced it is unlikely that they are thinking about the tax implications of doing so. However, it is important that the tax consequences of the break-up are properly considered. Whilst Income tax does not...
Reporting gains on residential property

Reporting gains on residential property

The Capital Gains Tax (CGT) reporting and payment date for UK residents that sell certain residential property changed from 6 April 2020. This change meant that any CGT due on the sale of a residential property needs to be reported and a payment on account of any CGT...
Review of CGT on the cards?

Review of CGT on the cards?

The Chancellor, Rishi Sunak has written to the OTS (Office of Tax Simplification), asking the OTS to undertake a review of Capital Gains Tax (CGT) and aspects of the taxation of chargeable gains in relation to individuals and smaller businesses. In response...
Reporting Capital Gains on residential property

Reporting Capital Gains on residential property

The Capital Gains Tax (CGT) reporting and payment date for UK residents that sell a residential property changed from 6 April 2020. This change means that any CGT due on the sale of a residential property needs to be reported and a payment on account of any CGT due...
Spring Budget 2020 – Entrepreneurs’ Relief

Spring Budget 2020 – Entrepreneurs’ Relief

The Chancellor confirmed that a review into the effectiveness of Entrepreneurs' Relief has now been completed. Where this relief is available Capital Gains Tax of 10% is payable in place of the standard rate. The Chancellor had many representations saying that the...