Features and articles from ICAEW related to capital gains tax (CGT) in the UK personal tax regime.
Highlights from the broader tax news for the week ending 17 April 2024, including: how Labour intends to close the tax gap; a change to the form for reporting a residential property gain; and new HMRC guidance for employers on giving foreign tax relief.
Premium Content: This is exclusive item - please log in or subscribe to view this item.
There have been several cases heard in the Tax Tribunal relating to the values to be ascribed to shares in small public companies that have been gifted to charity. These companies have normally been launched onto the AIM market or the Channel Islands Stock Exchange (CISX) relatively shortly before the gifts are made. Examples of such cases in the public domain include N Green and HMRC (Chartersea plc), J Netley and HMRC (Frenkel Topping Group plc), McArthur and Anor and HMRC (Baa Bar Group plc), Nice, Robinson and HMRC (Mount York) and Close, Nuttall and HMRC (Readybuy plc). These cases cover the period 2003 to 2006. It has taken some considerable time for them to reach the doors of the Tribunal. This article covers one of these cases.
Will the growing enthusiasm for employee ownership trusts be damped down by new legislation? David Prosser reports on the hopes and fears of those in the know.
Premium Content: This is exclusive item - please log in or subscribe to view this item.
Ros Rowe, Subject Matter Expert for the Construction & Real Estate Community offers a personal view on what the Spring Budget means for housing and construction.
From April 2025, taxpayers will no longer be able to treat their property business as a furnished holiday let (FHL). Stamp duty land tax multiple dwelling relief (SDLT MDR) will be abolished from 1 June 2024.
In the Spring Budget, the Chancellor announced that the current remittance basis of taxation will be abolished for UK resident non-domiciled individuals from 6 April 2025 and replaced by a new four-year foreign income and gains (FIG) regime.
HMRC has written to taxpayers who may have sold shares and failed to include the disposal on their tax return.
The government has proposed changing the capital gains tax (CGT) rules to ensure that alternative finance arrangements are taxed in the same way as other arrangements.
Individuals who received, sold or exchanged cryptoassets may be subject to income tax or capital gains tax (CGT) that should be reported on a self assessment tax return, due by 31 January 2024.
Premium Content: This is exclusive item - please log in or subscribe to view this item.
James Moore describes the use of an earn-out in M&A transactions and highlights the risk of reclassification as earnings.