What is a Post Transaction Valuation Check?
A Post Transaction Valuation Check (PTVC) can be requested from HMRC for an individual to work out a Capital Gains Tax liability or for companies to calculate Corporation Tax
A definition of trusts
HMRC’s internal manuals states that the word `trust’ describes a relationship between certain persons
which is recognised by the law;
concerned with particular property;
CGT tax-free allowance reducing
In the Autumn Statement, the Chancellor announced that the annual exempt amount applicable to Capital Gains Tax (CGT) is to be more than halved next year. This rate had previously
Gifts to spouse or charity
In most cases, there is 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
Private Residence Relief garden and grounds
In general, there is no Capital Gains Tax (CGT) on a property which has been used as a main family residence. This relief from CGT is commonly known as private residence
Utilising CGT losses prior to death of taxpayer
Usually, if you sell an asset for less than you paid for it you would make a capital loss. As a general rule if the asset would have been liable to CGT had a gain taken place then
Private residence relief
In general, there is no CGT payable on a property disposal which has been used as the main family residence. An investment property which has never been used as a private residence
Incorporation relief
Where a taxpayer owns a business as a sole trader or in partnership, a capital gain will be deemed to arise if the business is converted into a company by reference to the market
CGT Rollover Relief
Business Asset Rollover Relief, usually referred to as ‘rollover relief’, is a valuable relief that allows for deferral of Capital Gains Tax (CGT) on gains made when taxpayers sell
Definitions of connected persons
The definition of a connected person for tax purposes can be complex and varies depending on the circumstances at hand. A statutory definition of “connected persons”