Features and articles from ICAEW related to capital gains tax (CGT) in the UK personal tax regime.
ICAEW’s Tax Faculty wants to get your thoughts on the top priorities for the development of HMRC’s digital services.
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Nick Wright summarises the key case law that is relevant to understand whether HMRC will provide statutory clearance for a transaction.
Reforms to the tax treatment of EOTs and EBTs proposed in the paper are intended to focus the rules more effectively on the policy objectives of rewarding employees and encouraging more employee engagement. Another objective is to prevent tax advantages being obtained through the use of these trusts outside their intended purposes.
Highlights from the broader tax news for the week ending 19 July 2023, including: downloadable CGT PPD return trial extended; updated VAT form for barristers and advocates; and increase in apprenticeship care leavers’ bursary.
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.
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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.
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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?
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.