ICAEW.com works better with JavaScript enabled.

Capital gains tax

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

In this section

Practical guidance

ICAEW's Tax Faculty produces TAXguides to provide practical support on technical areas of tax

TAXguide 10/21: A guide to principal private residence relief

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.

TAXguide 15/20: CGT UK property disposal reporting

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.

TAXguide 07/18: Deemed domicile changes – trust protections

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.

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

Making the most of capital losses

The end of the tax year is approaching. A reduction to the capital gains tax annual exempt amount is imminent. This may be a good time for taxpayers to take stock of available capital losses, and ensure they have been claimed, says Mei Lim Cooper.

Entrepreneurs’ relief

How long must a qualifying beneficiary have an interest in possession for a trust to qualify for entrepreneurs’ relief on a disposal of trust business assets?

HMRC Roll Over enquiries

There is evidence that HM Revenue and Customs (HMRC) are following up provisional Business Asset Roll Over Relief forms, reminding taxpayers to submit the valid claim. On occasion this has been noted to be after the deadline for submitting a valid claim has passed.

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.

Bloomsbury 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 Accounting and Tax Service.

Capital gains tax 2022/23

Examines the current capital gains tax legislation and HMRC guidance in a comprehensive and accessible style.

Charities

A full chapter on the taxation of charities in the UK in this title aimed at finance and business undergraduate students.

Revenue Law: Principles and Practice

Textbook aimed at finance and business undergraduate students, providing readers with an understanding of the law relating to all areas of UK taxation. Content has been updated in line with Finance Act 2022.

Business asset disposal relief (formerly entrepreneurs’ relief)

A chapter providing detailed guidance on business asset disposal relief (formerly entrepreneurs’ relief), written for SMEs and entrepreneurs in the UK.

Social Investment Tax Relief

A chapter providing detailed guidance on Social Investment Tax Relief, written for SMEs and entrepreneurs in the UK.

Capital gains tax reliefs for SMEs and entrepreneurs 2022-23

Detailed guidance on the capital gains tax reliefs that may apply on the sale of businesses, business assets, or a gift.

Selling the owner-managed business or company

Tax planning advice on selling a family or owner-managed company, written for anyone who advises or runs one.

Terms of use: You are permitted to access, download, copy, or print out content from eBooks for your own research or study only, subject to the Acceptable usage terms.

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.

Terms of use: You are permitted to access, download, copy, or print out content from eBooks for your own research or study only, subject to the terms of use set by our suppliers and any restrictions imposed by individual publishers. Please see individual supplier pages for full terms of use.

ICAEW REP 95/21 Autumn Budget 2021 representations - Building a modern tax system

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.

ICAEW REP 66/21 Timely payment

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.

ICAEW REP 65/21: Tax Administration Framework Review

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.

Further support

Useful links

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.

HMRC shares and assets valuations for tax (SAV)

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.

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.

Self Assessment forms and helpsheets: Capital Gains Tax

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.

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.

ICAEW accepts no responsibility for the content on any site to which a hypertext link from this site exists. The links are provided ‘as is’ with no warranty, express or implied, for the information provided within them. Please see the full copyright and disclaimer notice.

* Some of the content on this web page was provided by the Chartered Accountants’ Trust for Education and Research, a registered charity, which owns the library and operates it for ICAEW.