This month we are focusing on: Inheritance and Property Tax And this week are looking at: Tax on Property – Capital Gains Tax (CGT) Capital gains tax (CGT) is payable when you sell an asset that has increased in value since you bought it. The rate … Continue reading Terrific Tuesday Tax Tip – Capital Gains Tax (CGT)
Q - I am looking at gifting my child a sum of money. What are the income tax consequences if I use a bare trust to do so? Answer … Continue reading Tax Question Of The Week – Bare Trust
This article covers the basics of how the various different forms of tax may affect your rental property.[i] Do you pay Stamp Duty Land Tax on a buy to let property? Yes, the amount varies depending on the price of the property and where in the … Continue reading Tax on buy to let properties
Q: Jack and Jill started living apart in November 2018 but there was then no contemplation of a divorce. In May 2019 they discussed their situation and at that point in time decided to get divorced. They agreed to get divorced in January 2020. … Continue reading Tax Question Of The Week – Date Of Separation For CGT
A client owns a joint share in the freehold of a building which consists of five flats. One of the flats is occupied by the client under a 999-year lease. The freeholders are to grant a new long lease over another flat in the building. The client … Continue reading Tax Question Of The Week – Capital Gains
We recently received a question regarding a family company and the availability of entrepreneur’s’ relief (ER) with regard to different classes of shares in issue. A total of 11,000 shares are in issue made up of A and B shares. Mother and father … Continue reading Capital Gains Tax – Changes to Entrepreneur’s’ Relief
Individual business owners may be aware that a capital gains tax (CGT) rate of only 10% can apply if entrepreneurs’ relief (ER) is available on qualifying business disposals, up to a lifetime limit of £10 million. A relatively newer and less … Continue reading Investors and Entrepreneurs – There’s A (Tax) Difference!
Our client has made a director’s loan to his personal company (he is the majority shareholder) which now cannot be repaid. Is there a loss for Capital Gains Tax and if so, is it a ‘clogged loss?’ There are several issues to be determined in this … Continue reading Capital Gains Tax Due on Director’s Loans