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HMRC urge people to prepare for CGT payment change

2020-04-01T19:40:32+01:00April 12th, 2020|Categories: Blog, HMRC, Taxation|Tags: , , , , |

Property owners are being urged to get ready for changes to the deadline of capital gains tax (CGT) payments. Broadly, from 6 April 2020, a UK resident who sells a residential property in the UK will have 30 days to tell HMRC and pay any CGT Tax owed. HMRC are currently developing a new online service to allow taxpayers to report and pay any CGT owed. A CGT report and accompanying payment of tax may be required where the taxpayer sells or otherwise dispose of: - a property that they have not used as their main home; - a holiday [...]

CGT on Cryptoassets

2020-02-11T22:13:54+00:00February 11th, 2020|Categories: Blog, Taxation|Tags: , , , , , , , |

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. Cryptoassets (or 'cryptocurrency' as they are also known) are cryptographically secured digital representations of value or contractual rights that can be: - transferred - stored - traded electronically While all cryptoassets use some form of Distributed Ledger Technology (DLT) not all applications of DLT involve cryptoassets. HMRC do not consider cryptoassets to be currency or money. They have identified three types of cryptoassets: - [...]

Payment on account of capital gains tax

2019-09-02T11:39:14+01:00September 2nd, 2019|Categories: Blog, Property, Taxation|Tags: , , |

From 6 April 2020 new rules apply to residential property gains liable to capital gains tax and from that date, UK residents will be required to make a return and a payment on account of the capital gains tax due within 30 days of the date of disposal of sale. Where the individual is a non-UK resident, the new rules will apply from 6 April 2019. What disposals are within the new rules? For UK residents, the new rules apply to a disposal on or after 6 April 2020 on which a ‘residential property gain’ arises. Certain disposals are [...]

The CGT annual exemption – use it or lose it!

2019-08-23T16:24:19+01:00August 30th, 2019|Categories: Blog, Taxation|Tags: , , |

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 various types of assets including properties (but generally not a main residence), stocks and shares, paintings, and other works of art, but it may also be payable in certain circumstances when a gift is made. Some assets are exempt from CGT, including assets held in an Individual Savings Account (ISA), betting, lottery, or pools winnings, cash held in sterling, jewellery, antiques, and other personal effects that are individually worth £6,000 or less. The most [...]

March questions and answers

2019-09-02T11:22:09+01:00March 27th, 2019|Categories: Questions & Answers|Tags: , , , |

Q. My wife and I own various assets – some are held in individual names and others are held jointly. We are wondering whether we should 'equalise' the value of our assets so as reduce potential liability to capital gains tax at a future date. A. As a general rule, so-called 'equalisation of estates' is often desirable for both capital gains and inheritance tax purposes. Broadly, this means that ideally each spouse/civil partner should own assets: - amounting to at least the value of the inheritance tax (IHT) nil rate band (currently £325,000); - which, on sale, enables full use [...]

CGT annual exemption: use it or lose it!

2019-09-01T22:04:45+01:00June 17th, 2017|Categories: Taxation|Tags: , |

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 various types of assets including properties (but generally not a main residence), stocks and shares, paintings, and other works of art, but it may also be payable in certain circumstances when a gift is made. The most common method for minimising a liability to capital gains tax is to ensure that the annual exemption is fully utilised wherever possible. Whilst this is relatively straight-forward where only capital gains are in question, the computation can [...]

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