Pro-Taxman

Capital Gains Tax

Separation or Divorce

Tax implications you should know about when you are in the unfortunate situation of Separation or Divorce

Separation, divorce, and private residence relief Where a couple separate or divorce, one party may move out of the matrimonial home, with the other party buying them out. This could have capital gains tax implications. While a couple are married and in a civil partnership and living together, they can transfer assets between them at …

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Buy to let house for sale

Considering selling your buy-to-let property? The late filing penalties for delaying to notify HMRC are no longer paused, read the latest here.

Capital gains tax implications of selling the buy-to-let There may come a time when a landlord no longer wants to hold a buy-to let property and puts the property on the market. When selling an investment property, such as a buy-to-let, it is important to be aware of the capital gains tax implications, and also …

Considering selling your buy-to-let property? The late filing penalties for delaying to notify HMRC are no longer paused, read the latest here. Read More »

Entrepreneur Relief

The £10 million lifetime limit for entrepreneur’s relief is to be reduced to £1m for disposals. Read more…

ER but not as we know it The Spring Budget 2020 announced a significant restriction on future availability of entrepreneurs’ relief (ER) for individuals who dispose of all or part of their business, individuals who dispose of shares in their personal company, and trustees who dispose of business assets.   Broadly, the lifetime limit of …

The £10 million lifetime limit for entrepreneur’s relief is to be reduced to £1m for disposals. Read more… Read More »

Today’s blog covers the serious curtailment to letting relief for landlords coming April 2020 – read more here.

Curtailment of letting relief Landlords have been hit with a number of tax hikes in recent years, and this trend shows no signs of abating. From 6 April 2020, lettings relief – a valuable capital gains tax relief which is available where a property which has at some point been the owner’s only or main …

Today’s blog covers the serious curtailment to letting relief for landlords coming April 2020 – read more here. Read More »

Do you have a second home? You might want to sell up before April 2020!

Private residence relief and the final period exemption From a capital gains tax perspective, there are significant tax savings to be had if a property has been the owner’s only or main residence. The main gains are where the property has been the only or main residence throughout the whole period of ownership as private …

Do you have a second home? You might want to sell up before April 2020! Read More »

Year-end tax planning tips

As the end of the 2018/19 tax year approaches, it is worthwhile taking time for some last-minute tax planning. Here are some simple tips that may save you money. Preserve your personal allowance: the personal allowance is reduced by £1 for every £2 by which income exceeds £100,000. For 2018/19, the personal tax allowance is …

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Make the most of your allowances

The tax system contains a number of allowances which enable individuals to enjoy income and gains tax free. In seeking to maximise your tax-free income, it makes sense to take advantage of available allowances. The following are a selection of some of the allowances on offer. Personal allowanceIndividuals are entitled to a personal allowance each …

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