by admin | Nov 3, 2022 | Capital Gains Tax |
In most cases, there is no capital gains tax (CGT) to be paid on the transfer of assets to a spouse or civil partner. There is, however, still a disposal that has taken place for CGT purposes effectively at no gain or loss on the date of the transfer. When the asset...
by admin | Oct 27, 2022 | Capital Gains Tax |
In general, there is no Capital Gains Tax (CGT) on a property which has been used as a main family residence. This relief from CGT is commonly known as private residence relief. However, there are grey areas which might result in CGT being due on the sale of a private...
by admin | Oct 20, 2022 | Capital Gains Tax |
Usually, 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. If an individual realises an allowable...
by admin | Sep 29, 2022 | Capital Gains Tax |
In general, there is no CGT payable on a property disposal which has been used as the main family residence. An investment property which has never been used as a private residence will not qualify. This relief from CGT is commonly known as private residence relief....
by admin | Aug 25, 2022 | 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...
by admin | Aug 25, 2022 | Capital Gains Tax |
Business Asset Rollover Relief, usually referred to as ‘rollover relief’, is a valuable relief that 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...
Recent Comments