Category Archives: Capital Gain Tax

UK Tax rises: Pay the cost of COVID-19

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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 […]

Review Capital Gains Tax: Chancellor requests OTS

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  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 […]

Capital Gains Tax: New rule for property owners

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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 […]

Entrepreneurs’ Relief: Budget 2020

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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 […]

Record Capital Gain Tax Collected From Tax Payers in 2017-18

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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 […]