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assets

When are you Not Required to Pay Capital Gains Tax on Assets? | Capital Gains Tax Allowances

In most cases, no Capital Gains Tax (CGT) is to be paid on the transfer of assets to a spouse or civil partner. There is, however, a disposal that has taken place for CGT purposes, effectively, at no gain or loss on the date of the transfer. When the asset ultimately comes to be sold, the gain or loss will be calculated from when the original spouse or civil partner first owned the asset.
 

When are you Not Required to Pay Capital Gains Tax on Assets? | Capital Gains Tax Allowances

In most cases, no Capital Gains Tax (CGT) is to be paid on the transfer of assets to a spouse or civil partner. There is, however, a disposal that has taken place for CGT purposes, effectively, at no gain or loss on the date of the transfer. When the asset ultimately comes to be sold, the gain or loss will be calculated from when the original spouse or civil partner first owned the asset.
 

What is Business Asset Rollover Relief?

Business Asset Rollover Relief is a valuable relief that allows for the deferral of Capital Gains Tax (CGT) on gains made when taxpayers sell or dispose of certain assets and use all or part of the proceeds to buy new business assets. The relief means that the tax on the gain of the old asset is postponed. The amount of the gain is effectively rolled over into the cost of the new asset, and any CGT liability is deferred until the new asset is sold.

How do I make a claim on an unclaimed estate?

There are special intestacy rules that govern how assets are divided if you die without making a will. If this happens your assets are passed on to family members in accordance with a set legal formula. This can result in a distribution of assets that would not be in keeping with your final wishes and can be especially problematic for cohabitees (a couple who live together but are not married and have not entered into a civil partnership).

It's all in the clouds

For those of you that have already considered the assets you hold and what should happen to them in the event of your death (or losing mental capacity), the obvious ones such as property, physical assets (cars etc.), personal items are easy.

 

It's all in the clouds

For those of you that have already considered the assets you hold and what should happen to them in the event of your death (or losing mental capacity), the obvious ones such as property, physical assets (cars etc.), personal items are easy.

 

When is a hobby a trade?

We have received enquiries from a number of clients, concerned that HMRC is going to try and tax them for the small amounts of cash that they make from pursuing hobbies. For example, buying and selling on eBay or setting up stalls at their local drive in markets – car boot sales.

When is a hobby a trade?

We have received enquiries from a number of clients, concerned that HMRC is going to try and tax them for the small amounts of cash that they make from pursuing hobbies. For example, buying and selling on eBay or setting up stalls at their local drive in markets – car boot sales.