As with the Spring Budget 2021, much of the detail for the Autumn Budget had been leaked to the press prior to the official report to parliament, 27th October 2021. But we now have all the details and, as usual, there is much to consider.…
Tag: Capital Gains Tax
Changes to Capital Gains Tax underway?
In an update to the GOV.UK website recently the following post appeared: The Chancellor has written to the OTS (Office of Tax Simplification), to ask the OTS to undertake a review of Capital Gains Tax and aspects of the taxation of chargeable gains, in relation…
Changes to Entrepreneurs’ Relief
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,…
Spousal CGT tax advantages
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…
Time is running out for tax planning 2019-20
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…
Selling shares?
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…
Changes to private residence relief
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…