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.
ICAEW's Tax Faculty produces TAXguides to provide practical support on technical areas of tax
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
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.
Features and articles
Virginie Deflassieux, the French tax director at BDO Ltd (Guernsey – Channel Islands), explains the impact of the new relationship between the UK and the EU on those with property in France.
A new requirement to report and pay capital gains tax on disposals of UK residential property within 30 days of completion was introduced in April 2020. ICAEW’s Tax Faculty summarises the requirements.
17 November: Highlights from the broader tax news this week includes: confirmation from the Scottish Government and Welsh Assembly of their planned Budgets, HMRC clarifying VAT liability of school holiday clubs and acceptance of digital signatures for CGT hold-over relief.
12 November: In the first report in its review of Capital Gains Tax (CGT) the Office of Tax Simplification (OTS) outlines where it believes the current regime is distorting taxpayer behaviour and suggests potential changes.
11 November: While targeted measures could provide greater clarity and improve the administration of capital gains tax (CGT), the current regime is fit for purpose, ICAEW tells Office of Tax Simplification (OTS).
22 October 2020: The Office of Tax Simplification is still collecting evidence for its next big review. Tax Director Bill Dodwell discusses the ins and outs of the process.
15 October 2020: Returns of capital gains tax (CGT) on disposals of UK residential property can now be amended. ICAEW’s Tax Faculty updates its guidance and clarifies reporting on behalf of estates.
5 October 2020: ICAEW’s Tax Faculty explains the enhanced payment arrangements announced by the Chancellor for those paying income and capital gains tax via self assessment. HMRC has increased the upper threshold for online applications for time-to-pay to £30,000.
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.
A chapter providing detailed guidance on business asset disposal relief (formerly entrepreneurs’ relief), written for SMEs and entrepreneurs in the UK.
Detailed guidance on the capital gains tax reliefs that may apply on the sale of businesses, business assets, or a gift.
Examines the current capital gains tax legislation and HMRC guidance in a comprehensive and accessible style.
Expert commentary on the current UK capital gains tax legislation related to main residence relief.
Expert commentary on the current capital gains tax legislation related to the taxation of land and property in the UK.
A full chapter on the taxation of charities in the UK in this title aimed at finance and business undergraduate students.
Textbook aimed at finance and business undergraduate students, providing readers with an understanding of the law relating to all areas of UK taxation.
A chapter on partnerships in this annual guide for professional advisers, highlighting tax planning opportunities and potential pitfalls.
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 email@example.com.
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 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.
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.
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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