The main residence exemption applies for capital gains tax purposes to the extent that a property is used as the taxpayer’s only or main residence. Where a property is used partly for business and partly as a residence, the relief only applies to that part which is used as a residence. The gain relating to […]
Business Use of Home – Beware the Lower CGT Annual Exempt Amount Read More »
A gain on the sale of an investment property, such as a buy-to-let or second home, will be liable to capital gains tax to the extent that it is sheltered by losses or the annual exempt amount. The annual exempt amount is like a personal allowance for capital gains tax purposes and allows individuals to
Time Sale to Take Advantage of Higher Annual Exempt Amount Read More »
The tax system contains a number of allowances that 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. Nature Of the Annual Exempt Amount
Capital Gains Tax Annual Exempt Amount – Use It or Lose It Read More »
All individuals are entitled to an annual exempt amount for capital gains tax purposes. Net gains (chargeable gains less allowable losses) for the tax year are free of capital gain tax to the extent that they are covered by the annual exempt amount. For 2021/22, the annual exempt amount is set at £12,300. Use
Using Your Annual Exempt Amount For 2021/22 Read More »
