Prior to 11 March 2020, business owners could sell multiple, qualifying businesses during their lifetime, and as long as the total chargeable gains did not exceed £10m, a reduced rate of Capital Gains Tax of just 10% would apply. Since budget day, 11 March 2020,…
It is fairly common knowledge that the UK tax system is biased in favour of married couples or those partners who have entered into a formal civil partnership. Note that from 2 December 2019, the Civil Partnership (Opposite Sex Couples) Regulations 2019 came into effect…
A reminder that in just a few months the present tax year closes, 5 April 2020. After this date, a whole raft of 2019-20 tax planning options for individuals will cease to be available. These cover a multitude of opportunities to reduce your liability…
As a general rule, if you sell shares for more than you paid for them, any profit you make will be chargeable to Capital Gains Tax (CGT). Shares and investments you may need to pay tax on include: shares that are not in an ISA or PEP…
If you rent out all or part of your home this may create a Capital Gains Tax (CGT) charge when you sell the property. Presently, HMRC excludes the last 18 months of your ownership – even if the property is let for this time…
It is a commonly held point of view that when you sell your home you won’t pay any tax, and in particular, that you won’t pay any Capital Gains Tax on the difference between the purchase and sales prices. Unfortunately, there are circumstances when this…
This article is also relevant to couples who have entered into a civil partnership. For the tax year 2018-19, taxpayers can make tax-free capital gains of up to £11,700. This allowance is available on a per person basis and so married couples (and those…
Notwithstanding any of the comments that follow, an individual is allowed to make tax-free capital gains of £11,700 during 2018-19. There are also a number of circumstances when a disposal does not create a taxable gain. These include: The sale of personal assets worth…
This is an appropriate time of the year to consider your capital gains tax (CGT) position if you have already disposed (or are considering a disposal) of an asset subject to CGT before 6 April 2018. Most of our readers will be aware that…