Capital Gains Tax Archives - Elver Consultancy Chartered Accountants Wigan

Capital Gains Tax reliefs for businesses

Elver Consultancy — Wed, 11 Dec 2019 04:00:00 +0000

If you are in business as a self-employed sole trader or as part of a partnership, then you will be liable to pay Capital Gains Tax (CGT) if you make a profit selling all or part of a business asset. CGT is normally

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Gifts Hold-Over Relief

Elver Consultancy — Wed, 27 Nov 2019 04:00:00 +0000

Gift Hold-Over Relief is effectively a deferral of Capital Gains Tax (CGT) when assets are given away (including certain shares) or sold for less than they’re worth to help the buyer. The relief means that any gain

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Capital Gains Tax changes for property disposals

Elver Consultancy — Wed, 20 Nov 2019 04:00:00 +0000

A number of significant changes to the way Capital Gains Tax (CGT) is reported and paid come into effect from April 2020. Currently, the usual due date for paying any CGT owed to HMRC on property disposals is the 31

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Tax when partnership assets are distributed in kind

Elver Consultancy — Wed, 13 Nov 2019 04:00:00 +0000

Partnerships are treated as transparent for Capital Gains Tax (CGT). This means that each partner is responsible for their share of any capital gains arising on the disposal of their interests in the assets of the

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What is a negligible value claim?

Elver Consultancy — Wed, 06 Nov 2019 04:00:00 +0000

A negligible value claim is a claim made by a taxpayer when an asset they own has become of negligible value, i.e. it is worthless or worth next to nothing. The taxpayer effectively treats the asset as having been

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The meaning of ‘goodwill’ for CGT purposes

Elver Consultancy — Wed, 06 Nov 2019 04:00:00 +0000

The meaning of goodwill for CGT purposes is complex. The term 'goodwill' is rarely mentioned in legislation and there is no definition of 'goodwill' for the purposes of Capital Gains legislation.

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Who is eligible for 10% tax on business sale?

Elver Consultancy — Wed, 16 Oct 2019 04:00:00 +0000

Entrepreneurs' Relief (ER) can be valuable relief when selling your business, your shares in a trading company or your interest in a trading partnership. Where ER is available, Capital Gains Tax (CGT) of 10% is

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What is Capital Gains Tax incorporation relief?

Elver Consultancy — Tue, 08 Oct 2019 04:00:00 +0000

If you own a business as a sole trader or in partnership, a Capital Gain will arise if your business is transferred into a company structure. The gain will be assessed by reference to the market value of the business

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Gifts to spouse or charity

Elver Consultancy — Wed, 02 Oct 2019 04:00:00 +0000

There is usually no Capital Gains Tax (CGT) to be paid on the transfer of assets to a spouse or civil partner. There is, however, still a disposal that has taken place for CGT purposes effectively at no gain or loss on

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Making a loss when you sell your home?

Elver Consultancy — Wed, 02 Oct 2019 04:00:00 +0000

One of the most often used and valuable of the Capital Gains Tax (CGT) exemptions is Private Residence Relief, which usually exempts any profit made on the sale of a family home.

Consequently, there is no CGT on a

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