Capital Gain Tax on property disposals to be paid within 30 day window

CGT on property disposals to be paid earlier From April 2020, UK residents disposing of second properties are required to report the sale and pay any resulting tax within 30 days of completion. The rules do not apply to main residences which are covered by the Principal Private Residence Relief, sheltering the full gain from tax. For non-UK residents, new … Read More

Changes to Entrepreneurs’ Relief from April 2019

Changes to Entrepreneurs’ Relief from April 2019 The Chancellor’s Autumn Statement 2018 introduced two key changes to Entrepreneurs’ Relief which are expected to have a significant impact on shareholders and business owners. What is Entrepreneurs’ Relief? Entrepreneurs’ Relief (ER) provides a reduced rate of Capital Gains Tax of 10% providing certain qualifying conditions are met. It is available to business … Read More

Budget 2016 – capital gains tax

Capital Gains Tax From 6 April 2016, the higher rate of Capital Gains Tax (CGT) will be reduced from 28% to 20%, and the basic rate will be reduced from 18% to 10%. The reduction in rates will not apply to residential property and carried interest. This will ensure that CGT provides an incentive to invest in companies over property. … Read More

Budget 2016 – personal tax

Personal Tax Rates and Allowances The personal allowance will be increased from £11,000 in 2016-17 to £11,500 in 2017-18. This continues to ensure that no-one working 30 hours per week on the National Minimum Wage (NMW) will pay income tax in 2017-18. As a result of the increase, a typical basic rate taxpayer will pay over £1,000 less income tax … Read More

Autumn Statement 2013 – CGT for UK non-residents

In a widely predicted move, and one no doubt with a general election in mind, the government will introduce capital gains tax (CGT) on future gains made by non-residents disposing of UK residential property from April 2015. We expect further guidance on this in April 2014. This brings the rules for non-UK residents in line with UK residents when selling … Read More