Frequently asked questions from Markel Tax on capital gains tax.
Note these FAQs were correct at the time of going to press and should be considered as principles based guidance. To check current validity, call the Markel Tax helpline.
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FAQ on whether tax relief be claimed on a loan which a client made to his company, but which cannot now be reclaimed.
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FAQ on whether CGT is due on a rental property being transferred to a spouse as part of a divorce settlement.
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FAQ on whether an overseas client's carried forward UK capital losses can be set against a gain from a UK commercial property they have sold.
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FAQ on the tax treatment of the sale of some bitcoin that a client was holding as an investment.
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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.
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FAQ on Capital Gains Tax reporting rules, concerning the gain from a sale of a UK residential property which falls below the annual exemption.
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FAQ on whether the sale of a UK residential property is subject to the new 30 day capital gains tax reporting requirements.
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FAQ on the capital gains tax consequences if a client gifts a house to one of their children.
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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.
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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.
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FAQ on on the tax implications of a client gifting rental property, which they own outright, to their adult children.
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FAQ on how a separation and eventual divorce will affect Capital Gains Tax, for a couple who have several rental properties, as well as a marital home.
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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.
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FAQ on the daily Private Residence Relief allowance for a diplomat, to enable him to find accommodation whilst away on diplomatic duties abroad. The house he owned in the UK was let to tenants between his brief periods of occupation.
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FAQ on whether a capital gain from a gifted property can be held over and whether there will be any consequences.
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FAQ on what tax charges/relief if any should a client be aware of, having been approached by a property developer who has offered him a generous cash sum to purchase part of his garden from him, which is now surplus to his family requirements.