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Capital gains tax

Frequently asked questions from Markel Tax on capital gains tax.

Capital gains tax and self-assessment

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November 2021

FAQ querying how to treat a capital gain made on the disposal of a residential property by a client , but not declared on a UK property form within 30 days of the disposal.

Residential property disposals

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March 2021

FAQ on Capital Gains Tax reporting rules, concerning the gain from a sale of a UK residential property which falls below the annual exemption.

Changes to CGT reporting requirements

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September 2020

FAQ on whether the sale of a UK residential property is subject to the new 30 day capital gains tax reporting requirements.

Tax implications of gifted property

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June 2020

FAQ on the capital gains tax consequences if a client gifts a house to one of their children.

Capital gains tax on a property held in trust

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May 2020

FAQ on how to handle the capital gains tax for a commercial property that was held as part of a trust and was subsequently sold on, without being rented out.

Rules for UK residential property disposals from 6 April 2020

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April 2020

FAQ on on the requirements for submitting a UK land return to HMRC, for a client planning to sell a UK residential property in the 2020/21 tax year.

Personal tax

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March 2020

FAQ on on the tax implications of a client gifting rental property, which they own outright, to their adult children.

Offsetting earlier losses from property rental against future profits

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May 2019

FAQ on whether a client can set the property losses brought forward against the profits from a newly acquired rental property. He previously rented out a residential property in the UK, but sold it in 2012-13 and declared the capital gain on sale on that year’s tax return. He made a loss that year, which has been carried forward since.