CGT Incorporation Relief

CGT Incorporation Relief

by | Jul 4, 2024 | Capital Gains Tax

Where a taxpayer owns a business as a sole trader or in partnership, a capital gain will be deemed to arise if the business is converted into a company by reference to the market value of the business assets including goodwill. This could give rise to a chargeable...
Connected persons for tax purposes

Connected persons for tax purposes

by | Jun 20, 2024 | Capital Gains Tax

The definition of a connected person for tax purposes varies. A statutory definition of “connected persons” for Capital Gains Tax purposes is set out in Section 286 of the Taxation of Chargeable Gains Act (TCGA) 1992. The legislation states: " A...
Non-resident UK property sales

Non-resident UK property sales

by | Jun 13, 2024 | Capital Gains Tax

There are specials rules that apply to UK property sales by non-residents. Since 6 April 2020 non-residents have needed to report and pay any non-resident Capital Gains Tax (CGT) due if they have sold or disposed of: residential UK property or land (land for these...
CGT Rollover Relief

CGT Rollover Relief

by | May 30, 2024 | Capital Gains Tax

Business Asset Rollover Relief also known as CGT Rollover Relief allows for deferral of Capital Gains Tax (CGT) on gains made when taxpayers sell or dispose of certain assets and use all or part of the proceeds to buy new business assets. The relief means that the tax...
Tax when transferring assets during divorce

Tax when transferring assets during divorce

by | May 23, 2024 | Capital Gains Tax

When a couple is separating or is divorced it is unlikely that they are thinking about the tax implications of their actions. However, apart from the emotional stress, there are also tax issues that can have significant implications. The Capital Gains Tax (CGT)...
Tax-free home sales

Tax-free home sales

by | Apr 25, 2024 | Capital Gains Tax

In general, there is no Capital Gains Tax (CGT) liability created when a property used as the main family residence is sold. An investment property which has never been used as a home will not qualify. This relief from CGT is commonly known as private residence...