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Five common capital gains tax errors
Read this article to discover five common capital gains tax mistakes and how to avoid them.
Reporting residential property gains
If you make a chargeable gain on the disposal of a UK residential property, you need to tell HMRC and pay the tax on the gain within 60 days of completion. Read this article to find out how to do this.
Inflationary gains and the CGT trap
There is no capital gains tax relief for inflationary gains. This can trigger a high capital gains tax bill on the sale of an investment property which has been owned a long time. Read this article to find out why.
Calculating the capital gain on the sale of an investment property
In calculating the capital gain or loss on the sale of an investment property you can deduct allowable costs. Read this article to find out what costs can be deducted.
Capital gains tax year-end planning
The capital gains tax annual exempt amount is set at £6,000 for 2023/24, reducing to £3,000 for 2024/25. Read this article to help you decide if you should make chargeable disposals before 6 April 2024.
Capital gains tax on separation and divorce
Read this article to find out about changes to the capital gains tax rules on separation and divorce #nogainnoloss #ppr
What qualifies for private residence relief?
Private residence relief shelters any gain on the sale of your home from CGT. This article explains when the relief applies. #ppr #pprrelief
CGT on residential property gains – are you aware of the 60-day limit?
Read this article to find out when you need to report residential capital gains and pay the associated tax #60daylimit #cgt #residentialgains
Lettings relief – do you qualify?
If you let part of your home, private residence relief is not available on any gain relating to the let part. However, if you share your home with the tenant, you may benefit from lettings relief. Read this article to find out more.
Using your annual exempt amount for 2021/22
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 are free of capital gain tax to the extent that they are covered by the annual exempt amount. For 2021/22, the annual exempt amount is set at £12,300.
CGT on Cryptoassets
Cryptoassets are a relatively new type of asset that have become more prevalent in recent years. New technology has led to cryptoassets being created in a wide range of forms and for various different uses.
CGT and Your Principal Private Residence
The sale of an individual's home is normally exempt from CGT, with neither a taxable gain nor loss arising. This is certainly the case where it has been the individual's only or main residence throughout the period it has been owned, or if owned prior to 31 March 1982, then the period since then.
Make use of the capital gains tax inter-spouse exemption
There are a number of tax concessions available to married couples and civil partners which recognise that their financial affairs may be interlinked. One of these concessions relates the transfer of assets between spouse and civil partner for capital gains tax purposes.