If you have made capital gains within the last tax year (6 April 2020 – 5 April 2021) and you are not already registered for self-assessment, you must register on or before 5 October 2021. What is capital gains tax? Capital gains tax (CGT) is levied on the portion of profit (capital gain) you
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
Selling a property with a dedicated home office? Check the capital gains tax implications Individuals planning to sell their main home should be aware of the potential capital gains tax implications, when selling their property with reference to a dedicated home office. The potential risk to sellers surrounds Principal Private Residence Relief (PPR) and the
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
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
Chancellor Rishi Sunak has been looking for ways to cover the costs of the devastating financial impact caused by the coronavirus pandemic. The UK’s economy has been hit hard during the pandemic and the government are now looking for ways to gain back funds. Rishi Sunak has reassured the nation that there will not be
