by Admin | 21 Jan, 2021 | Capital Gains Tax
Capital Gains Tax (CGT) is normally charged at a simple flat rate of 20% when you sell shares unless they are in a CGT free wrapper such as an ISA or pension. If you only pay basic rate tax and make a small capital gain you may only be subject to a reduced rate...
by Admin | 21 Jan, 2021 | Capital Gains Tax
Business Asset Rollover Relief is a valuable relief that allows you to defer payment of CGT on gains made when you sell or dispose of certain assets and use all or part of the proceeds to buy new assets. The relief means that the tax on the gain of the old asset is...
by Admin | 17 Dec, 2020 | Capital Gains Tax
A chattel is a legal term that defines an article which is a tangible moveable property. A tangible object is one that you can touch. The asset has to be a physical asset such as household furniture, paintings, antiques, items of crockery and china, plate and...
by Admin | 10 Dec, 2020 | Capital Gains Tax
HMRC has issued a press release to remind taxpayers that have sold a residential property, which was not their main home, during the 2019-20 tax year that the payment date for any Capital Gains Tax (CGT) owed is 31 January 2021. Due to the impact of Coronavirus, there...
by Admin | 12 Nov, 2020 | Capital Gains Tax
Business Asset Disposal Relief used to be known as Entrepreneurs’ Relief before 6 April 2020. The relief was renamed in Finance Act 2020. The name change does not affect the operation of the relief. Business Asset Disposal Relief applies to the sale of a...
by Admin | 5 Nov, 2020 | Capital Gains Tax
If you are in business as a self-employed sole trader or as part of a partnership, there may be occasions when you are required to pay Capital Gains Tax (CGT). CGT is normally charged at a flat rate of 20% on the amount of ‘profit’ or...
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