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Tax-free capital gains

Tax-free capital gains

As with Income Tax personal allowances, taxpayers have an annual exempt amount for Capital Gains Tax (CGT) which is forfeited if not used. The annual exemption for individuals in 2021-22 is £12,300. Whilst most taxpayers are aware of their annual tax-free...
Disposing of garden or grounds

Disposing of garden or grounds

In general, there is no Capital Gains Tax (CGT) on a property which has been used as a main family residence. This relief from CGT is commonly known as private residence relief. However, there are some grey areas which might result in CGT being due on the sale of a...
Incorporation relief

Incorporation relief

When a taxpayer owns a business as a sole trader or in partnership, a capital gain will be deemed to arise if the business is converted into a company by reference to the market value of the business assets including goodwill. This could give rise to a chargeable...