Capital Gains Tax (CGT) Archives

Dec 17 2024

EIS and VCT Sunset Clause Extended

By admin Capital Gains Tax, Dividends, Enterprise Investment Scheme (EIS), HMRC, Potts & Co Accountancy & Business Advice News, Venture Capital Trust (VCT)

The sunset clause which was set to end the Enterprise Investment Scheme (EIS) and Venture Capital Trust (VCT) scheme on 5 April 2025 has been extended for a further ten years The schemes, which offer tax relief for individuals investing in qualifying small and medium-sized companies including start-ups, will now…

Dec 14 2024

CGT Anti-Forestalling Rules

By admin Capital Gains Tax, HMRC, Potts & Co Accountancy & Business Advice News

The changes to capital gains tax announced in the Autumn Budget are subject to anti-forestalling rules designed to prevent taxpayers from circumventing the new rates and rules In the Autumn Budget the Chancellor announced an immediate increase to the main rates of capital gains tax (CGT). From 30.10.24, 'Budget Day',…

Nov 06 2024

Capital Gains Tax On Investment Disposals

By admin Capital Gains Tax, HMRC, Potts & Co Accountancy & Business Advice News

The rates of capital gains tax (CGT) payable on gains arising from assets other than residential property have been increased with immediate effect Rates Those taxpayers who decided to accelerate planned investment disposals before the Budget in anticipation of the predicted CGT hike will be pleased with their decision. From…

Sep 23 2024

Furnished Holiday Lettings Regime Abolished

By admin Capital Gains Tax, Furnished Holiday Lettings (FHLs), Potts & Co Accountancy & Business Advice News, Property

HMRC has published draft legislation explaining how the abolition of the special tax rules for furnished holiday lettings (FHLs) will work. From 6 April 2025 for sole traders and partnerships, or 1 April 2025 for companies, properties currently classed as FHLs will no longer benefit from tax reliefs not available…

Mar 19 2024

CGT Higher Rate On Dwellings Reduced

By admin Budget Update, Capital Gains Tax, HMRC, Potts & Co Accountancy & Business Advice News, Private Residence Relief (PRR), Property

The higher rate of capital gains tax (CGT) for residential property disposals will be cut from 28% to 24% from 6 April 2024. The lower rate will remain at 18% for any gains that fall within an individual’s unused basic rate band. The annual exempt amount will be lowered as…

Mar 16 2024

Furnished Holiday Lets Relief To Be Scrapped

By admin Budget Update, Capital Allowance, Capital Gains Tax, Furnished Holiday Lets (FHL), HMRC, Holiday Rentals, Income Tax, Potts & Co Accountancy & Business Advice News

Owners of furnished holiday lets will lose their entitlement to favourable income tax, capital gains tax and capital allowances as the FHL scheme is abolished. If you own a property that you rent out on a short-term basis for holiday rentals, subject to certain qualifying conditions, you may benefit from…

Mar 29 2023

Allowances Frozen And Cut

By admin Budget Update, Capital Gains Tax, Child Benefit, Dividends, HMRC, Personal Tax, Potts & Co Accountancy & Business Advice News, VAT

It is easy to forget the hidden tax rises which are created by frozen and cut allowances, so here is a quick reminder. The tax-free personal allowance will be frozen at £12,570 for six years from 2021- 22 to 2027-28 and the related marriage allowance is fixed at £1,260 for…

Mar 06 2023

Recognising Capital Losses

By admin Capital Gains Tax, Capital Losses, Cryptoassets, HMRC, Potts & Co Accountancy & Business Advice News

The annual Capital Gains exemption (currently £12,300) may cover most of the capital gains that you make on your share portfolio. However, that exemption will be cut to £6,000 on 6 April 2023 and £3,000 in April 2024. If you are planning to make large capital gains in the future…

Nov 26 2022

Capital Gains & Inheritance Tax

By admin Capital Gains Tax, HMRC, Inheritance Tax (IHT), Potts & Co Accountancy & Business Advice News, Property

Capital gains made by individuals are generally taxed at lower rates to income and taxpayers benefit from a separate annual exemption that covers the first £12,300 of gains made per year. This exemption will be reduced to £6,000 for the tax year 2023-24 and then to £3,000 for 2024-25. Any…

Sep 14 2022

Reporting UK Property Gains

By admin Capital Gains Tax, HMRC, Potts & Co Accountancy & Business Advice News, Property, UK Property Account

In 2020 HMRC introduced a new system for paying capital gains tax (CGT) due from selling residential property in the UK, but many solicitors and estate agents are still unaware of the new requirements. You need to report to HMRC your gain from selling a home on: the UK Property…

Capital Gains Tax (CGT)