Capital gains tax

Capital gains tax guidance:

'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...

Practice Note

ARCHIVED: This Practice Note has been archived and is not maintained.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...

Practice Note

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...

Practice Note

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,...

Practice Note

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...

Practice Note

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...

Practice Note

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...

Practice Note

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...

Practice Note

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,...

Practice Note

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...

Practice Note

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...

Practice Note

Basic principle An individual works out the gain or loss when land is disposed of in the same way as for other assets. There are some special rules for working out gains...

Practice Note

FORTHCOMING CHANGE: As originally announced at Budget 2018, the government ran a consultation between 1 April and 1 June 2019 on proposals to curtail capital gains tax...

Practice Note

FORTHCOMING CHANGE: As originally announced at Budget 2018, the government ran a consultation between 1 April and 1 June 2019 on proposals to curtail capital gains tax...

Practice Note

FORTHCOMING CHANGE: As originally announced at Budget 2018, the government ran a consultation between 1 April and 1 June 2019 on proposals to curtail capital gains tax...

Practice Note

FORTHCOMING CHANGE: As originally announced at Budget 2018, the government ran a consultation between 1 April and 1 June 2019 on proposals to curtail capital gains tax...

Practice Note

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,...

Practice Note

This Practice Note was produced in partnership with Tolley Guidance and is now maintained by Lexis®PSL. Why is this important? Tax-free amount Each individual (with some...

Practice Note

A charge to capital gains tax (CGT) arises when a chargeable person makes a chargeable disposal of a chargeable asset. A chargeable person includes an individual, the...

Practice Note

FORTHCOMING CHANGE: As originally announced at Budget 2018, the government ran a consultation between 1 April and 1 June 2019 on proposals to curtail...

Practice Note

Overview of the UK taxation treatment of furnished holiday lettings (FHLs) in the UK and the European Economic Area (EEA) This note covers the UK tax regime that applies...

Practice Note

FORTHCOMING CHANGE: As originally announced at Budget 2018, the government ran a consultation between 1 April 2019 and 1 June 2019 on proposals to curtail capital gains...

Practice Note

This Practice Note sets out the key UK tax rates, thresholds and allowances most relevant to Private Client practitioners. It is intended as a quick reference guide, not...

Practice Note

ARCHIVED: This Practice Note gives an overview of the non-resident capital gains tax (NRCGT) charge that applied to certain non-UK resident persons when they disposed of...

Practice Note

FORTHCOMING CHANGE relating to collective investment schemes: HMRC consulted from 17 September 2019 to 25 October 2019 on draft regulations that amend the rules for...

Practice Note

Calculation for an individual (or trust or estate) Sale proceeds xxxxxx Less: Costs of salexxxxx Original cost of assetxxxxx Cost of improvementsxxxxx Total costs xxxxxx...

Practice Note

Why are deadlines important? In order to comply with the legislation and avoid penalties and interest arising due to late payment of tax, it is important for taxpayers...

Practice Note

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,...

Practice Note