CAPITAL GAINS TAX PLANNING

From 6 April 2020, HMRC is proposing three significant changes which will potentially increase the capital gains tax paid on the disposal of any residential property by an individual.

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RESIDENCE AND DOMICILE

For most people living in the UK, the question of what income and gains should be included on their tax return is an easily answered question because they are both UK-domiciled and UK tax resident. Anyone domiciled and resident in the UK needs to report their worldwide income and capital gains on their return. (more…)

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TQOTW: SHARE REDUCTION

My client originally subscribed for 50,000 £1 shares when he set up his company. He now feels that the company is over capitalised and would like to return some of the share capital back to himself. He wonders whether the company could enter into a share buy-back or alternatively perhaps he could simply cancel some of the shares and receive the original capital. (more…)

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Tax Relief Webinar | Misconceptions Debunked

Following on from our recent webinar where we looked at a general overview of R&D, Capital Allowances and Patent Box Tax Reliefs, the next in our series of webinars will delve deeper into each relieves and as the title suggests, debunk some of the most common misconceptions. (more…)

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TQOTW: ENTREPRENEURS RELIEF FOR NEW INCORPORATIONS

I understand that Entrepreneurs Relief is now given for new incorporations so that, on incorporation, an existing sole trader would immediately meet the qualifying conditions even though they would not have owned shares in a qualifying company for a sufficient period. Is this correct?
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TQOTW: DATE OF SEPARATION FOR CGT

Jack and Jill started living apart in November 2018 but there was then no contemplation of a divorce. In May 2019 they discussed their situation and at that point in time decided to get divorced. They agreed to get divorced in January 2020. (more…)

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