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How do I report capital gains to HMRC?
Gains on UK residential property must be reported via HMRC’s online Capital Gains Tax service within 60 days of completion, with the tax paid at that point. All other capital […]
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What is gift holdover relief?
Gift holdover relief allows the CGT on a gift of certain qualifying assets to be deferred. Rather than the donor paying CGT at the time of the gift, the gain […]
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Can I transfer assets to my spouse to reduce CGT?
Yes. Transfers between spouses and civil partners who are living together are made at no gain and no loss for CGT purposes. There is no immediate CGT charge on the […]
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What is Business Asset Disposal Relief and do I qualify?
Business Asset Disposal Relief reduces the CGT rate on qualifying business disposals up to a lifetime limit. To qualify on a share disposal, you must hold at least 5% of […]
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Is my main home exempt from CGT?
The gain on the disposal of your main home is generally exempt from CGT under Private Residence Relief. However, Private Residence Relief does not always cover the full gain. If […]
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Do I have to report a property sale to HMRC within 60 days?
Yes. Where you make a taxable gain on the disposal of UK residential property, including a buy-to-let, second home or inherited property, you must report the gain and pay the […]
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What are the current CGT rates?
CGT rates depend on your level of taxable income and the type of asset disposed of. For current CGT rates and the annual exempt amount visit gov.uk/capital-gains-tax or speak to […]
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What Is Capital Gains Tax (CGT) and When Does It Apply?
Capital Gains Tax is charged on the profit you make when you sell, give away or otherwise dispose of an asset that has increased in value since you acquired it. […]