Sometimes there is a choice of which tax to pay and where a person owns an investment property, they may be able to exercise a
The tax systems contains a number of allowances which enable individuals to enjoy income and gains tax-free. One of these allowances is the annual exempt
All individuals are entitled to an annual exempt amount for capital gains tax purposes. Net gains (chargeable gains less allowable losses) for the tax year
Spouses and civil partners benefit from special rules for capital gains tax purposes which allow them to transfer assets between them at a value that
Although married couples and civil partners are assessed individually for capital gains tax purposes and each has their own annual exempt amount, a special rule
As part of the Chancellor’s Coronavirus support package taxpayers were permitted to defer payment of the July 2020 income tax Payment on Account instalment until
Although it is possible to transfer assets between spouses at a value that gives rise to neither a gain nor a loss, giving a property
There can be money to be made buying a property in a dilapidated state, renovating it, and selling it for a profit. However, when it
Potential benefits of putting a property into joint names prior to sale Where a property qualifies in full for private residence relief, it is perhaps
A SIC code stands for Standard Industrial Classification code, and classifies your business activity at Companies House. SIC code for a company can be changed
Private residence relief shelters a gain on the sale of a residence from capital gains tax while the property has been the owner’s only or
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
At first sight, the calculation of a capital gain or loss on the disposal of an asset is relatively straightforward – simply the difference between
Entrepreneurs’ relief is intended to reduce the rate of capital gains tax to a flat rate of 10% on certain qualifying business disposals. Certain aspects
Capital gains tax private residence relief is available where a property is occupied as the taxpayer’s only or main residence. The question of what constitutes
Capital gains tax (CGT) is normally paid when an item is either sold or given away. It is usually paid on profits made by selling
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,
