The tax system contains a number of allowances which enable individuals to enjoy income and gains tax-free. One of these allowances is the annual exempt amount that applies for capital gains tax purposes. For 2021/22, it is set at £12,300. It will remain at this level for 2022/23. Nature of the annual exempt amount The …
Capital gains tax annual exempt amount – use it or lose it Read More »
Capital gains tax (CGT) is levied on capital gains made on the disposal (including gifts) of most assets. However, if the disposal is of ‘business assets’ by a trader (including a personal trading company) then it is possible to defer the charge. Methods of deferral available for both self employed and companies are via the …
Although married couples and civil partners are assessed individually for capital gains tax purposes and each has their own annual exempt amount, a special rule allows them to transfer assets between them at a value that gives rise to neither a loss nor a gain. This can be very useful from a tax planning perspective. …
Special capital gains tax rule for transfers of assets between spouses Read More »
If you sell a property that has not been your main residence throughout the period that you have owned it, you may need to pay capital gains tax if a gain arises on the disposal of the property. This may be the case if you have an investment property, such as a buy-to-let or holiday …
Working out the capital gain on the sale of an investment property Read More »
