Blog
Spring Statement 2024
Cuts to National Insurance contributions and the abolition of so-called 'non-dom' tax breaks were among the headline announcements in this year’s Spring Budget.
Read on, as we delve into more of the details and summarise the biggest changes that were unveiled during the budget.
Capital gains tax on separation and divorce
Read this article to find out about changes to the capital gains tax rules on separation and divorce #nogainnoloss #ppr
The taxation of cryptocurrency
Read this article to find out the tax position of cryptocurrency #cryptocurrency #taxposition
CGT on residential property gains – are you aware of the 60-day limit?
Read this article to find out when you need to report residential capital gains and pay the associated tax #60daylimit #cgt #residentialgains
Transferring assets between spouses
Read this article to find out how to transfer assets between spouses for CGT purposes at neither a gain nor a loss #nogainnoloss
60-day window to report residential property gains
Taxpayers now have 60 days rather than 30 to inform HMRC about chargeable gains on property. In this article learn what a chargeable gain is, when you should report it and how. #propertytax #sellingproperty
Lettings relief – do you qualify?
If you let part of your home, private residence relief is not available on any gain relating to the let part. However, if you share your home with the tenant, you may benefit from lettings relief. Read this article to find out more.
Using your annual exempt amount for 2021/22
All individuals are entitled to an annual exempt amount for capital gains tax purposes. Net gains (chargeable gains less allowable losses) for the tax year are free of capital gain tax to the extent that they are covered by the annual exempt amount. For 2021/22, the annual exempt amount is set at £12,300.
CGT on Cryptoassets
Cryptoassets are a relatively new type of asset that have become more prevalent in recent years. New technology has led to cryptoassets being created in a wide range of forms and for various different uses.
CGT and Your Principal Private Residence
The sale of an individual's home is normally exempt from CGT, with neither a taxable gain nor loss arising. This is certainly the case where it has been the individual's only or main residence throughout the period it has been owned, or if owned prior to 31 March 1982, then the period since then.
Make use of the capital gains tax inter-spouse exemption
There are a number of tax concessions available to married couples and civil partners which recognise that their financial affairs may be interlinked. One of these concessions relates the transfer of assets between spouse and civil partner for capital gains tax purposes.
Enterprise Investment Scheme
The Enterprise Investment Scheme provides for some significant income tax and capital gains tax reliefs for individual investors in unquoted trading companies.