Tag Archives: Capital Gains Tax

UK Tax rises: Pay the cost of COVID-19

uk tax rises pay the cost of covid 19 upward arrows

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

review-capital-gains-tax-clipboard-glasses-calculator

  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 […]

Tax Consequences on Gifted House

tax-on-gifted-house-in-a-gift-box

  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. […]

No Late Filing Penalties for CGT Payment

No-penalties-late-filing-Capital-Gains-Tax-payment

HMRC has confirmed it will not charge late filing penalties for capital gains tax (CGT) payment on disposals of UK residential property by UK residents made by 31 July 2020. The announcement came in a question and answer factsheet shared with ICAEW’s Tax Faculty. The gov.uk has not published the information yet but HMRC has […]