ICAEW’s Tax Faculty provides links to help practitioners find the latest tax rates, allowance and reliefs.
Expert commentary and practical guidance from ICAEW related to the taxation of property in the UK regime, covering areas such as: ATED (annual tax on enveloped dwellings), business rates and stamp duty land tax.
HMRC contact information, including telephone numbers, online options and postal addresses, together with tips.
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ICAEW's Tax Faculty produces TAXguides to provide practical support on technical areas of tax
Questions around the tax treatment of someone’s principal private residence (PPR) arise with frequency and all too often the answer is not as straightforward as might first appear. This guide considers the core rules, the traps and the key items to be aware of to help clients through this area of tax law.
A new requirement for UK residents to report and pay capital gains tax (CGT) on disposals of UK residential property within 30 days was introduced in April 2020. Non-residents have had an obligation since 2015. ICAEW’s Tax Faculty provides guidance on to the digital service for reporting disposals to HMRC.
This TAXguide provides guidance on the tax issues connected with let property from the point of view of the landlord. It concentrates on residential property and is aimed at practitioners who are advising individuals who have bought property as an investment, rather than commercial property development businesses. Read a summary here, Tax Faculty members can download the full guide.
Finance (No 2) Act 2017 introduced significant changes to the taxation of foreign domiciliaries. In TAXguide 06/18 ICAEW, STEP, the CIOT and the Law Society have published questions and draft suggested answers to highlight and consider areas of uncertainty in the statutory provisions for trust protections. Read a summary and download the full guide.
Reforms to the Taxation of Non Domiciles - Meeting notes
Non-domiciliary announcements made at summer budget 2015
Finance Act 2015 Changes to entrepreneurs' relief
Capital taxes liaison group minutes
Features and articles
Following pressure from ICAEW and other professional bodies on the quality of guidance on reporting and paying capital gains tax on UK residential property, HMRC has developed a new question and answer helpsheet offering further clarity and pledged to update existing guidance.
ICAEW has identified the need to establish income tax, national insurance and capital gains tax liabilities in a single system as a priority for the Tax Administration Framework Review.
HMRC has acknowledged its error in not allowing overpaid CGT on UK residential property to be offset against income tax. ICAEW’s Tax Faculty explains the solution that has been put in place for 2020/21 self assessment returns.
Highlights from the broader tax news week ending 12 May, which includes resolution of CGT 2021/22 returns issue, a new HMRC service to allow firms to practice making customs declarations, details of new plastic packaging tax, and updates to VAT notices 700/22 and 700/46.
Rachael Dronfield provides an update on entrepreneurs’ relief for trust business assets in relation to the Quentin Skinner 2005 settlement.
How will the Exchequer cover the costs of the economic support and stimulus packages caused by the pandemic? A reduction in defence spend, changes to business rates, corporation, capital gains and inheritance taxes; a wealth tax?
The HMRC service for reporting and paying capital gains tax on UK residential property has been problematic since it was introduced in April 2020. Two new problems have emerged since the start of this tax year. ICAEW’s Tax Faculty explains the impact.
Covid and its implications have had a rather mixed effect on diversified businesses. Some, such as farm shops have generally come out as winners, whereas others such as farmhouse B&Bs have seen income disappear, mitigated only, perhaps, by aspects of the support packages.
Bloomsbury Core Accounting and Tax Service
Eligible firms have free access to Bloomsbury Professional's comprehensive online library, comprising more than 60 titles from some of the country's leading tax and accounting subject matter experts. Find out who is eligible and how you can access the Core Accounting and Tax Service.
Guidance on the exemption for sales of substantial shareholdings, highlighting tax planning opportunities.
Examines the current capital gains tax legislation and HMRC guidance in a comprehensive and accessible style.
Chapter containing practical advice on capital gains tax in relation to incorporating a business.
A chapter discussing the tax issues to consider when incorporating a rental property business.
Advice on making a business acquisition, written for anyone who advises or runs a family or owner-managed company.
Tax planning advice for company restructuring and share transfers or buy-backs, written for anyone who advises or runs a family or owner-managed company.
Tax planning advice on selling a family or owner-managed company, written for anyone who advises or runs one.
A chapter on taxpayers' rights and HMRC powers in relation to tax returns.
The Library & Information Service provides a collection of eBooks as a benefit of membership. Please log in to access these titles. If you are unable to access an eBook, please see our Help and support or contact firstname.lastname@example.org.
The main aim of this book is to describe the UK taxation system in sufficient depth and with sufficient clarity to meet the needs of those undertaking a first course of study in taxation.
Deals with gift relief for recipients of donations not resident in the UK, as covered by the Taxation of Capital Gains Act 1992.
A short section listing the types of leases not treated as wasting assets for capital gains purposes under the Taxation of Chargeable Gains Act 1992.
Explains how the disposal arising from a grant of lease is treated for the purposes of capital gains tax, with worked examples.
An overview of the treatment of capital gains by partnerships covering distribution of assets in kind amongst partners, changes in profit sharing ratios, adjustment through the accounts, payments outside the accounts, transfers between persons not at arm's length, disposals -annuity payments, shares acquired in stages and roll-over relief.
When the profit ratios of a partnership change it may result in a chargeable gain for CGT purposes, due to the acquisitions and disposals of the incoming and/or outgoing partners. A worked example demonstrates how to calculate the chargeable assets arising from this, and from the revaluation of a partnership asset.
A full chapter on the taxation of partnerships, including limited partnerships and LLPs. The key piece of legislation is the Income Tax (Trading and Other Income) Act 2005.
A short section on the taxable capital gains arising from disposals of assets to shareholders. It has particular relevance to firms undergoing disincorporation and/or liquidation.
In responding to HMRC's call for evidence on timely payment, ICAEW argues that earlier payment of income and corporation tax should not be considered until the economy has recovered and that earlier payment should not be based on in-year estimates without HMRC first demonstrating that they can be a reliable basis for earlier payment.
In responding to HMRC's consultation on the Tax Administration Framework Review ICAEW argues that the starting point of such tax reform should be significant simplification of the underlying tax rules and that HMRC needs to be given the resources and funding to give it the capacity to take on such a major piece of work.
A response dated 9 November 2020 to a consultation published by OTS on 14 July 2020.
A response dated 10 August 2020 to a consultation published by OTS on 14 July 2020.
Some resources that we link to may pre-date the latest amendments to the relevant tax regulations. While these links contain useful information, please treat them with appropriate caution.
Guidance from HMRC explaining the role of the HMRC Shares and Assets Valuations (SAV) team, how to get a Post Transaction Valuation Check and how to appeal a valuation.
Policy paper setting out HMRC's view on how individuals who have cryptoassets (or cryptocurrency) are taxed. It explains what cryptoassets are, which taxes apply with detailed discussion of income tax and capital gains tax, cryptoassets received as earnings, and record keeping.
Helpsheets providing advice on how to report capital gains when filing Self Assessment tax returns. These cover information about reliefs, shares, business assets, trusts, debt, and other specific topics.
List of shares or securities formerly quoted on the London Stock Exchange which have been declared of Negligible Value for share and asset valuation.
Guidance, forms and manuals relating to Shares and Assets Valuation (SAV) , including detailed information on how valuations are made for CGT and tax purposes of assets such as unquoted shares.
Comprehensive hub pointing to guides on CGT covering property, personal possessions, shares and investments, business, divorce and separation, and how to pay CGT.
Annually updated helpsheet explaining the relief available on the disposal of a private residence. Sections cover who qualifies, CGT for non-residents, Letting Relief, calculating partial relief, residence for a dependent relative, and disposal of a settled property by trustees.
HMRC internal manual providing guidance on private residence relief, including definitions, computation, and division of residence on separation or divorce.
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