This guidance provides a summary of key tax rates, allowances and reliefs for 2017/18, 2018/19 and 2019/20.
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.
Features and articles
Julie Butler and Fred Butler examine the growing attraction of rollover relief.
Lindsey Wicks summarises the contents of Finance Bill 2020, which covers loan charges, pensions, chargeable gains and more.
Sue Moore looks at the key Budget changes affecting private clients, including capital gains tax and pensions.
Lindsey Wicks looks at the measures set to apply from April 2020, and raises concerns that some still lack clear guidance from HMRC.
How and why trust income and capital gains are taxed differently.
From 6 April 2020, UK resident individuals, trustees and personal representatives selling UK residential property will need to report the disposal to HMRC and pay any capital gains tax (CGT) due within 30 days of completion.
Gillian Banks of PwC follows up on her August 2017 article on the Higgins case regarding private residence relief, which has since been found in Higgins’ favour in the Court of Appeal.
Sue Moore reviews two property tax publications: Property Tax Planning 16th Edition by Andrew Crossman and Buy-to-Let Property Tax Handbook Second Edition by Mark McLaughlin.
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
Legitimate expectation and reliance on HMRC Guidance - the minutes of two meetings between concerned external stakeholders and HMRC on Mansworth v Jelley and general surrounding issues.
The aim of this TAXGUIDE is to provide guidance on some of the practical points that members have encountered on the application of entrepreneurs' relief (ER). Guidance published by the Tax Faculty on 25 January 2012.
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 briefing to MPs dated 20 April 2020 on Finance Bill 2019-21 published by government on 19 March 2020.
ICAEW writes to the Financial Secretary on priorities for Budget 2020. These must: ensure the UK remains an internationally attractive location for business to locate and invest. The Government should prioritise work in five areas: align the UK tax system with its policy objectives, take time to get legislative change right first time, review the costs and benefits of Making Tax Digital, properly resource HMRC, and seize the opportunity presented by the UK leaving the European Union to reform VAT.
ICAEW's Tax Faculty responds to the Capital gains tax: Payment window for residential property gains (payment on account) consultation published by HMRC 11 April 2018
Taxing gains made by non-residents on UK immovable property
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.
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.
HMRC internal manual providing detailed guidance on disposals, calculation of relief, share exchanges, trading companies and groups.
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