Connected persons

If you are a connected person for tax purposes you will be required to substitute the market value of any asset you transfer or acquire when working out the gain or loss on disposal – not the amount you have actually agreed, unless of course this is the same as...

Making Gains

Unless you qualify for Entrepreneurs’ Relief, all taxable capital gains in excess of the annual exemption, presently £10,100, would be taxable at 18%. There has been speculation that this rate will increase to discourage schemes to have income treated as capital...

Tax position of unmarried couples

UK tax legislation relating to capital gains tax (CGT) and inheritance tax (IHT) is designed to  favour of marriage or Civil Partnership. The recent Budget has done nothing to change this. Be aware that the phrase ‘common law wife or husband’ is...