Capital Gains Tax

Thoughts on The Next Budget

The new Chancellor, Rachel Reeves, previously indicated that a Budget would only be held with the accompanying Office for Budget Responsibility forecasts. These forecasts require ten weeks’ notice. A Budget in late September, or October, is consequently quite possible.  The…
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Crucial CGT Relief Denied to Trustees

  A fairly clear lesson in the need to be conversant with the legislation and HMRC practice and to ensure that one’s ‘ducks are lined up’ before any major event or tax trigger point, despite several ingenious arguments in the…
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The Autumn Statement & The Capital Taxes

In Brief In the words of HMRC, “The inheritance tax nil-rate bands are already set at current levels until April 2026 and will stay fixed at these levels for a further two years until April 2028. The nil-rate band will…
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Fact Check: Capital Gains Tax 2022

    The UK’s capital gains tax bills jumped 20 per cent from £10.8bn to a record high of £12.9bn in the past year, according to latest research. The increase is primarily due to four major factors. Firstly, the cut…
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Will Homes Ever Become Subject to Capital Taxes?

A new report wants the government to consider capital gains tax on profits made from appreciating house values for all properties, not just additional ones. The report says existing home-owners, and particularly those who bought in the late 1990s and…
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The Chancellor Responds to OTS’s Reports on IHT & CGT

    The government has accepted five recommendations from the Office for Tax Simplification on issues relating to capital gains tax in a bid to “provide some practical simplifications for taxpayers”. In its official response to the OTS reports into the…
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Inheritance Tax: Where Things Currently Stand

  The autumn budget has passed without incident despite some flagging up potential seismic changes to inheritance tax and capital gains tax.  That is no surprise at all.  Any changes on that scale are more likely later in this governments…
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Inheritance Tax Changes?

    Despite it only affecting around 4% of deaths in the UK, inheritance tax is arguably the most disliked tax of them all.  This is partly because many regard inheritance tax as technically a double tax because it applies…
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