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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

Death and taxes

Robin Williamson provides some advice on what personal representatives need to know when it comes to income tax and capital gains on estates of the deceased. He goes into detail about the tax position of the personal representatives, notifiying HMRC, penalties, CGT private residence relief, marriage allowance, and the position of the survivor

Private residence relief

Gillian Banks of PwC considers the First-tier Tribunal case of Higgins v HMRC (2017), which dealt with how to determine the period of occupation for private residence relief purposes

Examining Finance Act 2017

Lindsey Wicks goes into minute detail on the content of Finance Act 2017. This includes income tax, corporation tax, employee shareholder shares, disguised remuneration, indirect taxes, tax avoidance, the soft drinks industry levy, plus what might be to come in the next Finance Bill.

Drawing up a will

What happens to the wealth of a person who does not leave a will? What if their will cannot be found? Who does the remaining wealth go to? What happens if a person leaves their wealth to a partner who has died before them?

TAXguide 01/17: Let property

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.

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 06/18: Rebasing and CGT foreign capital losses election

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 rebasing and the changes to the CGT foreign capital losses election. 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

TAXguide 02/15

Capital taxes liaison group minutes

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.

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

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

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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.

Transfer of chargeable assets

Aimed at traders incorporating a business, this section deals with the way gift relief and incorporation relief apply under the Taxation of Chargeable Gains Act 1992. It is of particular relevance to sole traders.

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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.

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.

Trusts and taxes on GOV.UK

An overview giving information and guidance on types of trusts, how trusts are treated for income tax, CGT and inheritance tax purposes, tax for trust beneficiaries, and the tax reponsibilities of trustees.

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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