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Using your annual exempt amount for 2021/22
All individuals are entitled to an annual exempt amount for capital gains tax purposes.
Holiday lets - tax implications.
The taxation of profit from furnished holiday lets (FHL) could be termed a 'hybrid' of taxes.
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.
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.