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What is a Post Transaction Valuation Check?

What is a Post Transaction Valuation Check?

A Post Transaction Valuation Check (PTVC) can be requested from HMRC for an individual to work out a Capital Gains Tax liability or for companies to calculate Corporation Tax liability on chargeable gains. The request for a PTVC should be made using the CG34 form....
A definition of trusts

A definition of trusts

HMRC’s internal manuals states that the word `trust’ describes a relationship between certain persons which is recognised by the law; concerned with particular property; and enforceable by reference to rules of trust law. Effectively, a trust is an...
CGT tax-free allowance reducing

CGT tax-free allowance reducing

In the Autumn Statement, the Chancellor announced that the annual exempt amount applicable to Capital Gains Tax (CGT) is to be more than halved next year. This rate had previously been fixed at £12,300 from April 2021 to April 2026 for individuals, personal...
Gifts to spouse or charity

Gifts to spouse or charity

In most cases, there is no capital gains tax (CGT) to be paid on the transfer of assets to a spouse or civil partner. There is, however, still a disposal that has taken place for CGT purposes effectively at no gain or loss on the date of the transfer. When the asset...
Private Residence Relief garden and grounds

Private Residence Relief garden and grounds

In general, there is no Capital Gains Tax (CGT) on a property which has been used as a main family residence. This relief from CGT is commonly known as private residence relief. However, there are grey areas which might result in CGT being due on the sale of a private...
Private residence relief

Private residence relief

In general, there is no CGT payable on a property disposal which has been used as the main family residence. An investment property which has never been used as a private residence will not qualify. This relief from CGT is commonly known as private residence relief....