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.
Tax is a fast-moving and ever-changing world. Our expert staff and volunteers, and consultation work with government, means we can bring you the latest developments and expert opinions. Join today to access our resources and keep on top tax form.
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.
Following the publication of TAXguide 04/19 ENTREPRENEURS’ RELIEF: Clarification of the new ‘5% proceeds test’ inserted by Finance Act 2019 - questions on scope of the new provisions along with HMRC responses, further questions have arisen on the Finance Act 2019 entrepreneurs’ relief legislation.
This TAXguide has been prepared by committee members of STEP, ICAEW, the CIOT and the Law Society to highlight practical issues and uncertainties raised by Finance Act 2018 Schedule 10 (Settlements: Anti-avoidance, etc.).
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
Features and articles
Liz Hunter examines how qualifying employee-owned companies can pay tax-free bonuses.
HMRC has improved functionality around gForms to allow the entire form to be viewed before completion.
ICAEW’s Tax Faculty has become aware of a possible solution for users receiving a repeated error message when reporting CGT on UK residential property disposals. It may also work for other HMRC services.
Over the years, a number of farm businesses will have acquired parcels of quoted shares, sometimes by way of a purchased investment, but more commonly when spun out on the flotation of a co-operative trading entity. Many farm accountants have been seeing these shares being sold by their farming clients, some of which have grown significantly in value over the years. This article will briefly cover some of the salient tax aspects.
HMRC has clarified that, with one exception, a CGT property return must be filed even if the disposal has already been reported on a self assessment return. ICAEW’s Tax Faculty explains the rules and the impact on penalties.
Government announcements on legislation day include possible changes to the capital gains tax rules on separation and a significant consultation on improving the data HMRC collects from taxpayers. ICAEW’s Tax Faculty summarises the planned measures likely to affect individuals.
HMRC contemplates changes to the taxation of DeFi lending or staking so that the tax treatment reflects their economic substance.
Mark McLaughlin, editor and a co-author of Tax Planning, looks at the tax treatment of forfeited deposits under contracts to buy properties.
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.
Chapter providing expert guidance on business asset disposal relief (previously called entrepreneurs’ relief) in relation to a business partnership.
A chapter on taxpayers' rights and HMRC powers in relation to tax returns.
Tax planning advice on selling a family or owner-managed company, written for anyone who advises or runs one.
A step-by-step guide to the sale and purchase process, focusing on key commercial, tax and legal issues. It includes checklists, draft enquiries, letters of disclosure and a specimen completion agenda.
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.
Examines the current capital gains tax legislation and HMRC guidance in a comprehensive and accessible style.
Expert commentary on the current capital gains tax legislation related to the disposal of an asset in the UK.
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.
A response dated 5 October 2021 to a consultation published by HMT on 30 September 2021, including ICAEW’s Tax Faculty customary pre-Budget letter to the Financial Secretary to the Treasury. It calls for the acceleration of work to build a modern tax system, while urging a “manageable pace” of transition, it cautions against implementing tax changes without consultation, such as the new Health and Social Care Levy.
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.
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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