Capital Gains Tax

SECOND FINANCE BILL EXPECTED SOON

The new Conservative government is expected to table a second Finance Bill in this session. Commentators believe it may include campaign promises such as restrictions on tax relief for pension contributions and the introduction of a transferable £175,000 inheritance tax…
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Non UK residents disposing of UK residential property: Planning

Since April 6, 2015, certain non-UK residents are now subject to the capital gains tax regime on the disposal of UK residential property. The new rules apply to non-resident individuals, non-resident trustees, the personal representatives of non-resident deceased persons, certain…
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Budget 2015: Government closes tax loophole on loaned art 

A landmark Supreme Court decision involving a work of art and previously reported in ‘The Professional Tax Review’ has been nullified in the Budget. The case involved a painting by Joshua Reynolds called Omai, which had belonged to the Howard estate…
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Budget 2015: Deed of Variation Review 

A Review of the role of Deeds of Variation was announced in the March 2015 Budget speech. In identifying Deeds of Variation as “tax avoidance” the Chancellor has focused on the potential tax consequences for those who undertake tax planning….
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HOME ALONE ?

Relief from capital gains tax on the home is extremely valuable and, although the rules are detailed and convoluted, they have generally been well understood by taxpayers. However, recent tax cases and legislative changes mean that it is always worth…
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