The following Owner-Managed Businesses guidance note Produced by Tolley provides comprehensive and up to date tax information covering:
As part of the changes introduced by FA 2019, Sch 1, TCGA 1992, Part 1 was rewritten. The new TCGA 1992, Part 1 largely restates the existing law but also includes additional provisions to bring disposals by non-UK residents of UK land from 6 April 2019 within the charge to tax. The rewrite was intended to modernise and simplify the structure of the UK capital gains rules as well as to accommodate the rules on disposals of interests in assets relating to UK land by non-UK residents. Where the legislation has been restated, the legislative links to the previous law shown in this guidance note are for reference only.
Non-resident companies are not normally liable to tax on chargeable gains even if the assets disposed of by the company are situated in the UK. The main exceptions to this are:
where the assets are used for the purposes of a trade carried on in the UK through a permanent establishment (PE), such as a branch or agency
for disposals made between 6 April 2013 and 5 April 2019, where the assets are interests in UK residential property and the whole or part of the gain is ‘ Annual Tax on Enveloped Dwellings (ATED) related’ or is within the scope of the Finance Act 2015 non-residents CGT (NRCGT) regime. See the Overview of the ATED regime and Non-resident capital gains tax (NRCGT) on UK residential property (2015–2019 rules) guidance notes for further details
for disposals made on or after 6 April 2019, where the assets are interests in UK residential or commercial property or shares in a company that derives at least 75% of its gross asset value from UK land and the whole or part of the gain is within the scope of FA 2019 NRCGT regime. See the Overview of the rules on disposals of interests in UK land by non-residents guidance note for further details
As there could be scope for a UK
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Normal due dateIndividuals are required to pay any outstanding income tax and Class 4 National Insurance, Class 2 National Insurance, and capital gains tax due for the tax year by 31 January following the end of the tax year (ie 31 January 2021 for the 2019/20 tax year). From 6 April 2020, UK
Summary of capital allowances on carsThe current capital allowance rates applicable to cars are as follows:Pool typeDescription of carRateLegislationMain rate poolNew and unused cars with CO2 emissions over 50g/km but not more than 110g/km (to be reduced to 50g/km and below from April 2021)18%CAA
Maintenance payments are payments made by a taxpayer to their former or separated spouse for the maintenance of that former spouse or their children. To obtain any tax relief for maintenance payments, one of the couple must have been born before 5 April 1935 and the payments must be made by virtue
Many people work from home either on an informal or a full-time basis. These people can be employed or self-employed, and their employment status affects the expenses they can claim as a deduction from their earnings.When dealing with someone working from home, it is important to remind him that
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