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CGT

How can you maximise your cash before the end of the tax year?

Tax planning might not sound like the most exciting way to spend your time, however it could have a significant effect on your finances. As the 2020/21 tax year draws to a close there are multiple considerations for what you can do to utilise your cash before the limitations reset as well as planning ahead for the future.

Are changes to capital gains tax underway?

The Chancellor has written to the OTS (Office of Tax Simplification), to ask the OTS to undertake a review of Capital Gains Tax and aspects of the taxation of chargeable gains, in relation to individuals and smaller businesses.  

Changes to Capital Gains Tax (CGT)

Currently a capital gain that is made by an individual UK resident is reported through the self-assessment tax return regime. This means that if an individual disposes of a property during the year ended 5 April 2020, it will be notified on the individuals 2019-20 tax return, which does not need to be submitted until January 31, 2021 with the tax due on that same day.

Spousal CGT tax advantages

It is fairly common knowledge that the UK tax system is biased in favour of married couples or those partners who have entered into a formal civil partnership.   

Selling shares?

As a general rule, if you sell shares for more than you paid for them, any profit you make will be chargeable to Capital Gains Tax (CGT).

Do you own a holiday let property?

There is a number of tax incentives that you can take advantage of if you own and let a Furnished Holiday Lets property (FHL). They include:You can claim Capital Gains Tax reliefs for traders (Business Asset Rollover Relief, Entrepreneurs’ Relief, relief for gifts of business assets and relief for loans to traders),

Limitations of tax relief when you sell your home

It is a commonly held point of view that when you sell your home you won’t pay any tax, and in particular, that you won’t pay any Capital Gains Tax on the difference between the purchase and sales prices.

Limitations of tax relief when you sell your home

It is a commonly held point of view that when you sell your home you won’t pay any tax, and in particular, that you won’t pay any Capital Gains Tax on the difference between the purchase and sales prices.

Capital Gains Tax (CGT) Planning

Most of our readers will be aware that they can make chargeable gains of up to £11,100 in the tax year 2015-16 and pay no CGT. This exemption cannot be transferred to a future tax year or carried back to a previous tax year if it is not utilised.

Capital Gains Tax (CGT) Planning

Most of our readers will be aware that they can make chargeable gains of up to £11,100 in the tax year 2015-16 and pay no CGT. This exemption cannot be transferred to a future tax year or carried back to a previous tax year if it is not utilised.