The higher rate of stamp duty land tax (SDLT) for high-value residential property (the 15% rate) was introduced as part of a package of measures aimed at making it less...
The higher rates of stamp duty land tax (SDLT) apply to: • purchases of certain additional residential properties by individuals, and • purchases of residential...
FORTHCOMING CHANGE: As originally announced at Autumn Budget 2017 and followed up by written statement after Spring Statement 2018, plus an announcement in Budget 2018,...
This Practice Note deals with the administration and enforcement provisions applicable to the principal charge and the higher rate charge to stamp duty reserve tax...
What is the annual tax on enveloped dwellings? The annual tax on enveloped dwellings (ATED) was introduced as part of a package of measures aimed at making it less...
The calculation and apportionment of inheritance tax (IHT) due on death can be complex, especially taking account of trust interests, chargeable lifetime transfers, the...
It is natural that spouses may want to make gifts to each other since it is fairly typical for couples to share their property. The term ‘spouses’ is used in this...
The basic charge to ATED is explained in Practice Note: ATED—the basics. This Practice Note summarises how ATED is administered and the steps taxpayers need to take in...
What reliefs and exemptions are available? The basic charge to ATED is explained in Practice Note: ATED—the basics. A number of reliefs and exemptions are available from...
This Practice Note considers the meaning of 'bare trust' and the inheritance tax (IHT) treatment of such a trust. For information on the income tax and capital gains tax...
This Practice Note explains how trustees of bare trusts are treated for income tax and capital gains tax (CGT) purposes. Although a bare trust is, in equity, a type of...
'Bed and breakfasting' is the practice of selling shares and repurchasing them the following day. Although this was most popular prior to 1998, it can still be used in a...
This Practice Note is based on material originally produced by Tolley This Practice Note outlines how to calculate the amount of inheritance tax (IHT) that arises on an...
The cap on unlimited income tax reliefs applies from 6 April 2013. It prohibits relief for certain types of losses, which could otherwise be set off against general...
ARCHIVED: This Practice Note has been archived and is not maintained. The annual tax on enveloped dwellings (ATED) was introduced in Finance Act 2013 (FA 2013) as part of...
CGT position on an individual’s death The rules dealing with capital gains tax (CGT) on death provide that: • assets that the deceased was competent to dispose of are...
For a taxable capital gain to arise, there has to be a disposal, or a deemed disposal, of an asset. The taxpayer will need to establish when the disposal took place. This...
Sections 22–24 of the Taxation of Chargeable Gains Act 1992 (TCGA 1992) contain provisions which deal with the disposal or deemed disposal of assets which have been lost,...
Generally a taxpayer can only claim a capital loss in respect of an asset where that asset has been disposed of, or has been destroyed completely. If the asset has simply...
FORTHCOMING CHANGE: As originally announced at Autumn Budget 2017 and followed up by written statement after Spring Statement 2018, plus an announcement in Budget 2018,...
This Practice Note was produced in partnership with Tolley Guidance and is now maintained by Lexis®PSL. Date of disposal The date that an asset is treated as being...
Entrepreneurs' relief is a capital gains tax (CGT) relief designed to encourage individuals to set up and expand their own businesses. Provided that the conditions are...
A gift of an asset is a disposal for capital gains tax (CGT) purposes. It can, therefore, trigger a CGT charge on the gain deemed to have arisen. The general rule The...
FORTHCOMING CHANGE: As originally announced at Autumn Budget 2017 and followed up by written statement after Spring Statement 2018, plus an announcement in Budget 2018,...
Introduction A charge to capital gains tax (CGT) arises when a chargeable person makes a chargeable disposal of a chargeable asset. The disposal may produce a gain or a...
Investors’ relief is a capital gains tax (CGT) relief introduced by Finance Act 2016, designed for individuals who invest in unquoted trading companies, without being...
