Pro-Taxman

Capital gains tax

Rent-a-room relief

The rent-a-room scheme allows those with a spare room in their home to let it out furnished and to receive rental income of £7,500 tax-free each year without the need to declare it to HMRC. Where more than one person receives the income, each can receive £3,750 tax-free. The limits are not reduced if the …

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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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Multiple Houses

More than one home? Check which one qualifies for private residence relief

Private residence relief removes the charge to capital gains tax on the taxpayer’s only or main residence. For the purposes of the relief, a taxpayer can generally only have one residence qualifying for the relief at any one time, subject to the final period exemption for properties which have been the only or main residence …

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Today’s blog covers the things you need to know about entrepreneur’s relief to reduce capital gains tax.

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 of the relief have recently changed, and this may affect any subsequent tax liability. A qualifying business disposal must include a material disposal of business assets. For these purposes, a …

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