Post Transaction Valuation Checks
A Post Transaction Valuation Check (PTVC) can be requested from HMRC for an individual to work out a capital gains tax liability or for companies to calculate corporation tax liability on chargeable
Spring Budget 2024 – CGT on disposals of residential property
A higher rate of Capital Gains Tax (CGT) applies to gains on the disposal of residential property if the gain falls into the higher rate band. In the Spring Budget, the Chancellor announced a
Entitlement to Business asset disposal relief
Business Asset Disposal Relief (BADR) applies to the sale of a business, shares in a trading company or an individual’s interest in a trading partnership. Where this relief is available sellers can
Letting part of your home
In general, there is no Capital Gains Tax (CGT) on a property which has been used as the family’s main residence. This relief from CGT is commonly known as Private Residence Relief or PRR. However,
Capital sums derived from assets
HMRC’s guidance is clear that where a capital sum is derived from an asset, the relevant legislation treats the owner as having made a disposal for capital gains purposes.
The legislation contained
Bed and breakfast share sales
The term bed and breakfasting (sale and repurchase) of shares refers to transactions where shares are sold and bought back the next morning. This used to have Capital Gains Tax (CGT) benefits by
Business Asset Disposal Relief
Business Asset Disposal Relief (BADR) is available on the sale of a business, disposal of shares in a trading company or an individual’s interest in a trading partnership. Where this relief is
CGT exempt allowance halving from April 2024
The annual exempt amount applicable to Capital Gains Tax (CGT) is to be halved from April 2024. This means that the exempt amount will be reduced from £6,000 currently, to £3,000 from April 2024. The
CGT – Lettings relief
In general, there is no Capital Gains Tax (CGT) on a property which has been used as the main family residence. This relief from CGT is commonly known as Private Residence Relief or PRR. However,
Hold-over gifts relief
Gifts Hold-Over Relief is a tax relief that effectively defers Capital Gains Tax (CGT) that may arise on a relevant gift. The relief can be claimed when assets are given away (including certain
