Tag Archive: capital gains tax

How can you save on capital gains tax?

Posted 13th May 2024 at 1:13 pm

Over the last two years, the tax-free allowance for capital gains tax has been cut by over three-quarters. For the tax year that recently began on 6 April 2024, the Annual Exempt Amount has been reduced to £3,000 (£1,500 for trustees). These reductions mean that more and more of us are likely to be affected by capital gains tax.   What is capital gains tax? You could think of capital gains tax as a tax you pay when you make money from selling something that has increased in value. This “something” could be anything from a house to shares or... Read more

Tax Update: Changes for 2023

Posted 20th December 2022 at 9:35 am

CORPORATION TAX The planned corporation tax reforms are going ahead. From 1 April 2023, the rate of corporation tax that you pay will depend on the amount of your taxable profits. If you are a standalone company with profits of more than £250,000 you will pay corporation tax at a rate of 25% from 6 April 2023. A small profits rate of 19% applies where the profits of a standalone company are £50,000 or less. Where profits are between £50,000 and £250,000, the effective rate is between 19% and 25%. In this band, corporation tax is payable at the rate... Read more

Capital Gains Tax on Residential Property: Changes you need to know!

Posted 4th March 2020 at 8:58 am

Until now, reporting property disposals and paying any resulting capital gains tax (CGT) was not due until the self-assessment deadline, which for UK-residents could be up to 22 months after the disposal took place. However, with effect from 6 April 2020, disposals of UK residential property on which CGT is due will have to be reported and the tax paid within 30 days of the disposal completion date (not the contract exchange date). Second homes or rental properties owned by individuals will fall under this new deadline, however the deadline does not apply to gains that are covered by Principal... Read more