Whether you are the owner of an inherited property or any other kind of property, there is always the involvement of tax laws when you are a resident of the UK. Handling tax matters efficiently will save you from paying extra in the form of tax payments in this regard. Especially when an individual comes […]
How to Avoid Capital Gains Tax on Inherited Property? Read More »
Under English law, there are two ways in which property can be owned jointly – as joint tenants or as tenants in common. The way in which a joint property is owned can have tax implications. Joint Tenants Where a property is owned by two or more people as joint tenants, they collectively own
Jointly-Owned Property – Joint Tenants Vs Tenants in Common Read More »
If you are the one who is interested in gifting your property to someone in the family, be it your relatives or your children. This is imperative to understand that if the property you are gifting has increased its market value from the time you purchased it, you will have to pay capital gains tax
How to Avoid Capital Gains Tax on Gifted Property? Read More »
When you are involved in the business of buying and selling properties, you must be aware of the fact that you will have to deal with capital gains tax to pay it to HMRC when you earn a profit after selling the property. There are several cases in which people own a second house and
How to Avoid Capital Gains Tax on Second Home? 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 »
Although spouses and civil partners are taxed independently, there are some tax breaks available. One of these is the ability for spouses and civil partners to transfer assets between them at a value that for capital gains tax gives rise to neither a gain nor a loss. This can be very useful from a tax
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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 »
Although married couples and civil partners are assessed individually for capital gains tax purposes and each has their own annual exempt amount, a special rule allows them to transfer assets between them at a value that gives rise to neither a loss nor a gain. This can be very useful from a tax planning perspective.
Special Capital Gains Tax Rule for Transfers of Assets between Spouses Read More »
If you sell a property that has not been your main residence throughout the period that you have owned it, you may need to pay capital gains tax if a gain arises on the disposal of the property. This may be the case if you have an investment property, such as a buy-to-let or holiday
Working out the Capital Gain on the Sale of an Investment Property Read More »
For capital gains tax purposes, there is a tax-free uplift to the market value at the date of death, irrespective of whether any inheritance tax is payable at the estate. This effectively resets the base value for capital gains tax purposes going forward. Many estates include a property, whether the main home, or investment properties
Selling a Property Post Death – Is There a Capital Gains Tax Charge? Read More »
