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Capital gains tax

Expert commentary and practical guidance from ICAEW related to capital gains tax in the UK personal tax regime.

In this section

TAXguide 12/15

Reforms to the Taxation of Non Domiciles - Meeting notes

TAXguide 08/15

Non-domiciliary announcements made at summer budget 2015

TAXguide 07/15

Finance Act 2015 Changes to entrepreneurs' relief

TAXguide 03/13

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.

TAXguide 01/12

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.

Questions and answers on UK tax issues and trends from the ICAEW Tax and VAT Helpline, a subscription service provided by Markel Tax.

Markel Tax FAQs are correct at the time of going to press. To check current validity, please call the ICAEW Tax and VAT Helpline.

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 library@icaew.com.

Taxation: Finance Act 2019

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.

Crystallisation of gain

Deals with gift relief for recipients of donations not resident in the UK, as covered by the Taxation of Capital Gains Act 1992.

Leases not treated as wasting assets

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.

Grant of lease

Explains how the disposal arising from a grant of lease is treated for the purposes of capital gains tax, with worked examples.

Partnerships and Capital Gains Tax

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.

Change in partnership profit sharing ratios

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.

Partnerships

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.

Chargeable gains

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.

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ICAEW REP 02/20 Spring 2020 Budget - Letter to Jesse Norman

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 Rep 64/18

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

ICAEW Rep 23/18

Taxing gains made by non-residents on UK immovable property

Further support

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.

Cryptoassets for individuals

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.

Negligible Value agreements

List of shares or securities formerly quoted on the London Stock Exchange which have been declared of Negligible Value for share and asset valuation.

Shares and Assets Valuation for tax purposes

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.

Capital Gains Tax on GOV.UK

Comprehensive hub pointing to guides on CGT covering property, personal possessions, shares and investments, business, divorce and separation, and how to pay CGT.

Private Residence Relief: HS283 Self Assessment helpsheet

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.

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