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...
by admin | Jun 1, 2023 | Capital Gains Tax |
In general, there is no Capital Gains Tax (CGT) on a property which has been used as a main family residence. An investment property which has never been used will not qualify. This relief from CGT is commonly known as private residence relief. Taxpayers are usually...
by admin | May 25, 2023 | Capital Gains Tax |
Most payments a company makes to its shareholders, in respect of their shares, will be qualifying distributions and may be subject to Income Tax. If certain conditions are met, the payment can be treated as an exempt distribution. An exempt distribution is a payment...
Recent Comments