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Capital gains tax is a very wide area, and there are a number of key considerations, and reliefs to consider.
Capital Gains Tax (CGT) is a key consideration upon the disposal of property. In many cases there will be reliefs available on the disposal of a property - and there will also be planning opportunities available. Capital gains tax is a very wide area, and there are a number of key considerations, and reliefs to consider.
In our practice, the issue of capital gains tax will arise on a regular basis, and we are delighted to advise in this complex area.
CGT is generally chargeable on UK resident persons (including those who are temporarily non resident) on gains made on the disposal of capital type assets. In practice the most common disposals will be of land and buildings, but the tax would equally apply to the sale of other assets such as paintings and works of art.
In relation to the disposal of property, it is possible to claim reliefs to minimise the amount of capital gains tax due - but it is important to note that not all of the reliefs will be available on each disposal. Some possible reliefs include:
There will be changes introduced in Finance Act 2020 to eliminate lettings relief completely and to reduce the “deemed” main residence period from 18 months to only 9 months.
Please see the article for some detail on how the changes could impact on you.
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18 Mar 2020
Chancellor Rishi Sunak has set out a package of temporary, targeted measures to support public services, people and businesses through the period of disruption caused by COVID-19.
12 Mar 2020
The Chancellor Rishi Sunak presented his first Budget on Wednesday 11 March 2020.
05 Mar 2020
The Prime Minister, Boris Johnson, has announced that employees will be entitled to Statutory Sick Pay (SSP) from day one when self-isolating.
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