Capital Gains Tax

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Capital Gains Tax

Gifting property – Does capital gains tax apply?

Gifting property – Does capital gains tax apply? Gifting a property can be a way of reducing your Inheritance Tax liability. However, it is important to be aware that other taxes, such as capital gains tax, may be levied. HMRC deems the act of giving away your property as a disposal for capital gains tax

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NFTs
NFTs

NFTs and UK Tax

NFTs and UK Tax NFTs and cryptocurrencies have become undoubtedly popular, especially since NFT was Collins Dictionary’s word of the year for 2021. Non-fungible tokens (NFTs) are unique sets of data on a blockchain. The term non-fungible refers to an asset that is unique and cannot be exchanged like-for-like. Fungible items, such as Bitcoin, can

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UK crypto tax
Cryptocurrencies

UK Crypto Tax

UK Crypto Tax Cryptoassets have undoubtedly grown in popularity over the past two years and with cryptocurrency prices increasing at a rapid rate, many investors are likely to have made sizeable gains. But are investors aware of UK crypto tax implications? In a statement released in 2019, HMRC confirmed that individuals selling cryptoassets will be subject to

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Capital Gains Tax

Does capital gains tax apply when gifting a property?

Does capital gains tax (CGT) apply when gifting a property? Gifting a property can be a way of reducing your Inheritance Tax liability however, it is important to be aware of other taxes, such as capital gains tax, which may be incurred. Certain taxes will be due depending on specific factors such as, who the

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tax on cryptocurrency UK
Cryptocurrencies

The taxation of cryptocurrencies

In December 2019, HMRC published guidance on its view of how crypto transactions should be treated for UK tax purposes. It stated that individuals selling cryptoassets will be subject to capital gains tax (CGT) on any profits made, over the tax-free annual allowance threshold, which will need to be reported to HMRC on a self-assessment

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national insurance increase
Other

HM Treasury to reveal future tax changes – what can be expected?

Following the Chancellor’s Budget announcement earlier this month, HM Treasury will reveal documentation on future tax policies on 23rd March. HM Treasury are expected to announce information regarding technical administration of the tax system, such as moving online. However, Rishi Sunak could potentially announce a number of possible tax changes. In the Budget, Chancellor Rishi

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Other

Here are 7 ways your tax bill may increase over the next year

Earlier this month Chancellor Rishi Sunak announced a number of tax allowances will be frozen to help pay off the debts incurred by the coronavirus pandemic. These new ‘stealth taxes’ will raise billions, without directly increasing charges for taxpayers. As the economy bounces back and the cost of goods and services increases, more people will

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mixed funds
HMRC

Are Bitcoin profits subject to Capital Gains Tax?

In recent months, investors in the cryptocurrency Bitcoin, have made fortunes from their dealings. One crypto winner, who invested in Bitcoin over the past 3 years, now has £150,000 worth of the cryptocurrency. The plan is to cash in on the winnings, but are people aware of the tax implications they could face? For tax

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HMRC

Maintaining the current Stamp Duty Land Tax holiday threshold could provide millions for the Treasury

An extension of the Stamp Duty Land Tax (SDLT) threshold after 31st March 2021, rather than returning to the £125,000 threshold, could generate higher consumption. This has the potential of increasing housing market activity, which subsequently could provide a fiscal surplus of £139 million per year. Research suggests that maintaining the current SDLT holiday threshold

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STS Europe Ltd
Tax Updates

Weekly Round-Up of Latest Tax Updates 16/11/20

Coronavirus Job Support Extended by Chancellor On 5th November 2020, the Chancellor announced in the House of Commons that he would be extending the Furlough Scheme and the Self-Employed Income Support Scheme, following the news of a second national lockdown for England. The Furlough Scheme was set to end in December 2020 however, it has

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Tax Updates

Tax update 21/08

Keep up to date with the key announcements made this past week. HMRC has produced updated guidance on disguised remuneration settlement terms HMRC have updated a number of their guidance pages on disguised remuneration tax schemes. The changes relate to those made to the loan charge in the Finance Act 2020. The updates come as

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