Capital Taxes

Capital Gains Tax

A capital gain arises when certain capital (or ‘chargeable’) assets are sold at a profit. The gain is the sale proceeds (net of selling costs) less the purchase price (including acquisition costs). The taxation of capital gains was significantly revised from 6 April 2008 and then again from 23 June 2010. This factsheet deals with the current… Read More

Capital Gains Tax and the family home

The capital gains tax (CGT) exemption for gains made on the sale of your home is one of the most valuable reliefs from which many people benefit during their lifetime. The relief is well known: CGT exemption whatever the level of the capital gain on the sale of any property that has been your main residence. In this factsheet we look… Read More

Inheritance Tax

Inheritance tax (IHT) is levied on a person’s estate when they die, and certain gifts made during an individual’s lifetime. Most gifts made more than seven years before death will escape tax. Therefore, if you plan in advance, gifts can be made tax-free: the result can be a substantial tax saving. We give guidance below on some of the… Read More

Stamp Duty Land Tax

Who pays the tax? SDLT is payable by the purchaser in a land transaction. What is a land transaction? A transaction will trigger liability if it involves the acquisition of an interest in land in the United Kingdom. This will include a simple conveyance of land such as buying a house, creating a lease or assigning a lease. When is the tax… Read More

Property Investment – Tax Aspects

Who pays the tax? SDLT is payable by the purchaser in a land transaction. What is a land transaction? A transaction will trigger liability if it involves the acquisition of an interest in land in the United Kingdom. This will include a simple conveyance of land such as buying a house, creating a lease or assigning a lease. When is the tax… Read More