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CGT

Capital Gains Tax on UK Residential Property | Report and pay capital gains tax on uk property

A higher rate of Capital Gains Tax (CGT) applies to gains on the disposal of residential property if the gain falls into the higher rate band. In the Spring Budget, the Chancellor announced a reduction in the higher rate of capital gains tax that exists for residential property from the current rate of 28% to 24% from 6 April 2024. These rates apply to higher rate taxpayers as well as to trustees and personal representatives. The lower rate that applies to basic rate taxpayers will remain unchanged at 18

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.
 

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.

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),

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.