The Office of Tax Simplification has revealed a new report on the policy design and core principles of CGT. The OTS has suggested some reforms for simplifying the design of Capital Gains Tax (CGT). In July 2020, the Chancellor asked the OTS to carry out a review of Capital Gains Tax to identify: the opportunities […]
Category Archives: Capital Gain Tax
Business News, Capital Gain Tax, Corporation Tax, HMRC News
Business Asset Disposal Relief (BADR)/ Entrepreneurs’ Relief (ER)
28
Oct
Oct
Business Asset Disposal Relief (BADR) previously known as Entrepreneurs’ Relief (ER) Business Asset Disposal Relief was known as Entrepreneurs’ Relief before 6 April 2020. BADR/ER provides a beneficial 10% Capital Gain Tax rate on the first £1 million of eligible gains per individual (which is tested on a lifetime basis). The Budget 2020 […]
Capital Gain Tax, Coronavirus News, HMRC News, Income Tax, Uncategorized
UK Tax rises: Pay the cost of COVID-19
03
Sep
Sep
The leading economists have warned that the UK will likely face “substantial” tax rises in the coming years, as the government seeks to pay for the cost of its COVID-19 response and public services. Some top economists told parliament’s Treasury Select Committee on Tuesday that tax rises were likely, although they said increases would likely […]
Business News, Capital Gain Tax, HMRC News, Property Tax
Review Capital Gains Tax: Chancellor requests OTS
18
Jul
Jul
Chancellor Rishi Sunak has asked the Office of Tax Simplification (OTS) to carry out a thorough review of capital gains tax (CGT). He requested to analyse the aspects of the taxation of chargeable gains in regard to individuals and small businesses. In the 2016 Budget, there was a drop in CGT, apart from on […]
28
Jun
Jun
If someone wants to gift a house to his children, he needs to consider the following tax consequences regarding the gifted house. Capital Gain Tax (CGT): There will be a Capital Gains Tax (CGT) and the proceeds will be deemed to be the market value of the property at the date of the gift. […]
17
Mar
Mar
HMRC has recently announced changes to Capital Gains Tax payment for UK property sales. HMRC have reminded property owners who are selling a residential property in the UK about important deadline changes when paying Capital Gains Tax. The deadlines for paying CGT after selling property are changing from 6 April 2020. Property owners should understand […]
15
Mar
Mar
Chancellor Rishi Sunak announced a cut in lifetime limit on entrepreneurs’ relief from £10m to £1m. This relief on capital gains tax (CGT) costs the Treasury £ 2.6bn an entrepreneurs’ year. Entrepreneurs’ relief, a tax break mostly benefits wealthy business owners. Rishi Sunak significantly scaled back the relief, which halves the capital gains tax paid […]
17
Aug
Aug
Capital gains tax revenue hit a record new high of £8.8bn for the 2017-18 tax year, as 281,000 taxpayers paid a bill for selling valuables. Revenue from capital gains tax (CGT) increased 14% compared with 2016-17. The bulk of the bill was paid by high earners who made gains of £1m or more, though these […]