CapitalGains

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  • Tax

    Using your annual exempt amount for 2021/22

    All individuals are entitled to an annual exempt amount for capital gains tax purposes.

  • Furnished Holiday Lets

    Holiday lets - tax implications.

    The taxation of profit from furnished holiday lets (FHL) could be termed a 'hybrid' of taxes.

  • Capital Gains Tax

    Capital gains tax annual exempt amount – use it or lose it

    The tax systems contains a number of allowances which enable individuals to enjoy income and gains tax-free. One of these allowances is the annual exempt amount that applies for capital gains tax purposes. For 2021/22, it is set at £12,300. It will remain at this level for 2022/23.

  • Where a chargeable gain arises in respect of a UK residential property, since April 2020, the gain must be reported to HMRC and a payment made on account of the associated tax liability. The good news is that taxpayers now have longer to tell HMRC about the gain and to pay the tax.

    Reporting and paying tax on UK residential property gains

    Where a chargeable gain arises in respect of a UK residential property, since April 2020, the gain must be reported to HMRC and a payment made on account of the associated tax liability. The good news is that taxpayers now have longer to tell HMRC about the gain and to pay the tax.