Serial Homeowner Suffers Large Penalties for Failing to Report Capital Gains
In Mark Campbell v HMRC [2022] TC08398, the First Tier Tribunal (FTT) concluded that the purchase, modification and sale of four properties in five years was not trading but was subject to Capital Gains Tax (CGT). No Principle Private Residence (PPR) relief…
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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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OTS Capital Gains Tax Review Published 20 May 2021
On 20 May 2021 the OTS, the Office for Tax Simplification, published its second report into capital gains tax (CGT) after being requested by the Chancellor to review the law in 2020. Fourteen recommendations have been made by the…
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British family sells $10m Van Gogh to avoid rise in capital gains tax
A British family are selling a Vincent Van Gogh drawing for a record breaking $10m (£7.1m) to avoid a potential rise in capital gains tax in the budget on Wednesday 3rd March. Thomas Gibson, a London art dealer, and…
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The Office of Tax Simplification Proposals Regarding CGT: Business Issues
The first part of this blog (posted 16 November) focussed on those elements of the proposals pertaining to the private client sphere. I now turn to those which could impact on the business and entrepreneurial spheres. Taxing Share Sales…
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The Office of Tax Simplification Proposals Regarding CGT: Private Client Issues
Rather surprisingly, the Office of Tax Simplification (OTS) has rushed out its initial report on capital gains tax (CGT). The report was issued only two days after the closing date for submissions and despite the fact that the Government has…
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