The requirement for UK residents to report and pay capital gains tax (CGT) on disposals of UK residential property separately from the self assessment tax return was introduced in April 2020. The deadline is 60 days for all completions on or after 27 October 2021. Disposals occurring before this date had to be reported within 30 days. Non-residents have had an obligation since 2015. ICAEW’s Tax Faculty provides guidance on 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

Self assessment tax return filers who have also submitted a capital gains tax (CGT) UK property return may end up in an overpayment position. ICAEW’s Tax Faculty recaps the process for claiming a CGT repayment.

Landlords may be selling to benefit from the CGT annual exempt amount before it falls, or market conditions may be forcing a sale, but they must be prepared to meet their CGT compliance obligations, Gillian Banks advises.

The capital gains tax on UK property (CGT PPD) return has been published on HMRC’s website. Those submitting paper returns can now download the form instead of having to request it from HMRC by phone.

The Chancellor has confirmed that headline rates of income tax and capital gains tax (CGT) will remain at their current levels. However, there were various reductions in key thresholds and allowances, and several others were frozen for longer than previously announced.

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.

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.