by admin | Jul 20, 2023 | Capital Gains Tax |
The definition of a connected person for tax purposes can be complex. 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: "...
by admin | Jul 13, 2023 | Capital Gains Tax |
If you inherit property, you are usually not liable to pay tax on the inheritance you receive. This is because any Inheritance Tax (IHT) due should be paid out of the deceased’s estate before any cash or assets are distributed to the estate beneficiaries. ...
by admin | Jul 6, 2023 | Capital Gains Tax |
As with the Income Tax personal allowances, taxpayers have an annual exempt amount for Capital Gains Tax (CGT) which is forfeited if not used. The annual exemption for individuals in 2023-24 was reduced to £6,000 (from £12,300) and is set to be...
by admin | Jun 29, 2023 | Capital Gains Tax |
As a general rule, if you are resident in the UK, you are liable to pay Capital Gains Tax (CGT) when you sell (or dispose of) an overseas property at a gain. The annual exempt amount applicable to CGT was reduced to £6,000 (from £12,300) for the current...
by admin | Jun 22, 2023 | Capital Gains Tax |
Gift Hold-Over Relief is a tax relief that results in a deferral of Capital Gains Tax (CGT). The relief can be claimed when assets are given away (including certain shares) or sold for less than they are worth to help benefit the buyer. The relief means that any gain...
by admin | Jun 8, 2023 | Capital Gains Tax |
If you sell an asset for less than you paid for it, you would make a capital loss. As a general rule if the asset would have been liable to CGT had a gain taken place, then the loss should be an allowable deduction. These allowable losses are deducted...
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