Frequently asked questions from Markel Tax on capital gains tax.
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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.