Capital gains tax - Revision history

Editor at 15:46, 18 August 2021

2021-08-18T15:46:04Z

← Older revision		Revision as of 15:46, 18 August 2021
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	* 18% and 28% for individuals (dependent on the total amount of taxable income).		* 18% and 28% for individuals (dependent on the total amount of taxable income).
	* 28% for trustees or for personal representatives of someone who has died.		* 28% for trustees or for personal representatives of someone who has died.
−	* 10% for sole traders or partnerships with gains qualifying for Entrepreneurs' Relief.	+	* 10% for sole traders or partnerships with gains qualifying for Business Asset Disposal Relief or BADR (formerly known as Entrepreneurs' Relief).

	= Reporting Capital Gains Tax =		= Reporting Capital Gains Tax =

Editor at 15:41, 18 August 2021

2021-08-18T15:41:50Z

← Older revision		Revision as of 15:41, 18 August 2021
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	= Related articles on Designing Buildings Wiki. =		= Related articles on Designing Buildings Wiki. =

		+	* Business Asset Disposal Relief BADR.
	* Business rates.		* Business rates.
	* Capital.		* Capital.

Editor at 11:01, 18 August 2021

2021-08-18T11:01:11Z

← Older revision		Revision as of 11:01, 18 August 2021
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	* PAYE.		* PAYE.
	* Stamp duty.		* Stamp duty.
		+	* Taxes associated with selling a business.
	* Tax relief.		* Tax relief.
	* VAT.		* VAT.

Designing Buildings at 08:15, 20 November 2020

2020-11-20T08:15:50Z

← Older revision		Revision as of 08:15, 20 November 2020
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	* [http://www.hmrc.gov.uk/cgt/property/sell-own-home.htm Private Residence Relief].		* [http://www.hmrc.gov.uk/cgt/property/sell-own-home.htm Private Residence Relief].

−	[[Category:Taxation]]	+	[[Category:DCN_Definition]] [[Category:DCN_Guidance]] [[Category:DCN_Policy]] [[Category:Taxation]]

Editor at 15:11, 10 September 2019

2019-09-10T15:11:47Z

← Older revision		Revision as of 15:11, 10 September 2019
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	* Capital.		* Capital.
	* Capital allowances.		* Capital allowances.
		+	* Capital gain.
	* PAYE.		* PAYE.
	* Stamp duty.		* Stamp duty.

Editor at 17:03, 15 March 2019

2019-03-15T17:03:58Z

← Older revision		Revision as of 17:03, 15 March 2019
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	It is necessary to maintain any records for at least one year after the Self Assessment deadline and businesses must maintain records for 5 years after the deadline.		It is necessary to maintain any records for at least one year after the Self Assessment deadline and businesses must maintain records for 5 years after the deadline.

−	~~= Find out more =~~	+	= Related articles on Designing Buildings Wiki. =
−		+
−	=== Related articles on Designing Buildings Wiki. ===	+

	* Business rates.		* Business rates.
		+	* Capital.
	* Capital allowances.		* Capital allowances.
	* PAYE.		* PAYE.
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	* VAT.		* VAT.

−	=== External references ===	+	= External references =

	* [https://www.gov.uk/capital-gains-tax Capital Gains Tax].		* [https://www.gov.uk/capital-gains-tax Capital Gains Tax].

Designing Buildings at 10:06, 7 July 2016

2016-07-07T10:06:08Z

← Older revision		Revision as of 10:06, 7 July 2016
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−
	= Overview =		= Overview =

Line 5:		Line 4:

	The following assets are liable to Capital Gains Tax:		The following assets are liable to Capital Gains Tax:
−	*Property. If it is not the main home (unless it is let out, used for business or larger than 5,000 square metres).	+
−	*Shares that are not in a NISA, ISA or PEP.	+	* Property. If it is not the main home (unless it is let out, used for business or larger than 5,000 square metres).
−	*Personal possessions that are worth more than £6,000 (apart from a personal car).	+	* Shares that are not in a NISA, ISA or PEP.
−	*Business assets.	+	* Personal possessions that are worth more than £6,000 (apart from a personal car).
−	*Overseas assets.	+	* Business assets.
		+	* Overseas assets.

	= Property =		= Property =

	Property that is liable to Capital Gains Tax includes:		Property that is liable to Capital Gains Tax includes:
−	*Second homes.
−	*Any rental properties.
−	*Business premises.
−	*Land, including agricultural land.

−	The selling of a main home will not generally be liable to Capital Gains Tax and may be eligible for ~~[http://www.hmrc.gov.uk/cgt/property/sell-own-home.htm~~ Private Residence Relief].	+	* Second homes.
		+	* Any rental properties.
		+	* Business premises.
		+	* Land, including agricultural land.
		+
		+	The selling of a main home will not generally be liable to Capital Gains Tax and may be eligible for Private Residence Relief.

	= Shares =		= Shares =

	The investments that are liable to Capital Gains Tax include:		The investments that are liable to Capital Gains Tax include:
−	*Company stocks and shares.	+
−	*Units in a unit trust.	+	* Company stocks and shares.
−	*Certain securities, debentures and bonds.	+	* Units in a unit trust.
		+	* Certain securities, debentures and bonds.

	= Personal possessions =		= Personal possessions =

−	The majority of ~~[http://www.hmrc.gov.uk/cgt/possessions/index.htm~~ personal possessions] that are worth more than £6,000 are liable to Capital Gains Tax, including:	+	The majority of personal possessions that are worth more than £6,000 are liable to Capital Gains Tax, including:
−	*Jewellery.	+
−	*Antiques.	+	* Jewellery.
−	*Paintings.	+	* Antiques.
−	*Coins and stamps.	+	* Paintings.
−	*Possessions that are part of a set, such as matching vases (the threshold applies to the set as a whole).	+	* Coins and stamps.
		+	* Possessions that are part of a set, such as matching vases (the threshold applies to the set as a whole).

	= Business assets =		= Business assets =

−	Numerous ~~[http://www.hmrc.gov.uk/cgt/businesses/reliefs.htm~~ business assets] are liable to Capital Gains Tax and typically include:	+	Numerous business assets are liable to Capital Gains Tax and typically include:
−	*Buildings and land.	+
−	*Fixtures and fittings.	+	* Buildings and land.
−	*Shares.	+	* Fixtures and fittings.
−	*Plant and machinery.	+	* Shares.
−	*Goodwill.	+	* Plant and machinery.
−	*Registered trademarks.	+	* Goodwill.
		+	* Registered trademarks.

	= Overseas assets =		= Overseas assets =

	For residents in the UK, overseas assets are liable to Capital Gains Tax, including:		For residents in the UK, overseas assets are liable to Capital Gains Tax, including:
−	*Holiday homes.	+
−	*Shares in a foreign company.	+	* Holiday homes.
−	*Land abroad purchased for development.	+	* Shares in a foreign company.
		+	* Land abroad purchased for development.

	= When Capital Gains Tax is not required =		= When Capital Gains Tax is not required =

	Capital Gains Tax is only required on any gains which are in excess of the tax-free allowance, which for 2013-2014 is:		Capital Gains Tax is only required on any gains which are in excess of the tax-free allowance, which for 2013-2014 is:
−	*£10,900 for individuals.	+
−	*£5,450 for trustees.	+	* £10,900 for individuals.
		+	* £5,450 for trustees.

	It is not normally necessary to pay Capital Gains Tax on gifts between husband and wife, civil partner or to charities. In addition, Capital Gains Tax on inheritance is typically only required when an asset is sold.		It is not normally necessary to pay Capital Gains Tax on gifts between husband and wife, civil partner or to charities. In addition, Capital Gains Tax on inheritance is typically only required when an asset is sold.

	The following assets are not liable:		The following assets are not liable:
−	*Personal car.	+
−	*Personal possessions that are disposed of for less than £6,000.	+	* Personal car.
−	*Main home.	+	* Personal possessions that are disposed of for less than £6,000.
−	*Any tax free investment savings accounts e.g. ISAs and PEPs.	+	* Main home.
−	*Winnings from the lottery, betting or the pools.	+	* Any tax free investment savings accounts e.g. ISAs and PEPs.
−	*UK government gilts and Premium Bonds.	+	* Winnings from the lottery, betting or the pools.
−	*Personal injury compensation.	+	* UK government gilts and Premium Bonds.
−	*Foreign currency for personal use.	+	* Personal injury compensation.
		+	* Foreign currency for personal use.

	= Rates for Capital Gains Tax =		= Rates for Capital Gains Tax =

	The rates for Capital Gains Tax for 2013-14 are:		The rates for Capital Gains Tax for 2013-14 are:
−	*18% and 28% for individuals (dependent on the total amount of taxable income).	+
−	*28% for trustees or for personal representatives of someone who has died.	+	* 18% and 28% for individuals (dependent on the total amount of taxable income).
−	*10% for sole traders or partnerships with gains qualifying for Entrepreneurs' Relief.	+	* 28% for trustees or for personal representatives of someone who has died.
		+	* 10% for sole traders or partnerships with gains qualifying for Entrepreneurs' Relief.

	= Reporting Capital Gains Tax =		= Reporting Capital Gains Tax =

−	If Capital Gains Tax needs to be paid, HM Revenues and Customs (HMRC) will require notification through a tax return. This can be completed ~~[https://~~online~~.hmrc.gov.uk/login?GAREASONCODE=-1&GARESOURCEID=SaAAll&GAURI=https://online.hmrc.gov.uk/self%2Dassessment/&Reason=-1&APPID=SaAAll&URI=https://online.hmrc.gov.uk/self%2Dassessment/ online]~~ or alternatively on ~~[http://search2.hmrc.gov.uk/kb5/hmrc/forms/view.page?record=jwrHAxRnsvo&formid=3190~~ paper].	+	If Capital Gains Tax needs to be paid, HM Revenues and Customs (HMRC) will require notification through a tax return. This can be completed online or alternatively on paper.

	= Record keeping =		= Record keeping =

−	It is necessary to maintain any records for at least one year after the ~~[https://www.gov.uk/self-assessment-tax-returns/deadlines~~ Self Assessment deadline] and businesses must maintain records for 5 years after the deadline.	+	It is necessary to maintain any records for at least one year after the Self Assessment deadline and businesses must maintain records for 5 years after the deadline.

	= Find out more =		= Find out more =

	=== Related articles on Designing Buildings Wiki. ===		=== Related articles on Designing Buildings Wiki. ===
−	*Business rates.	+
−	*Capital allowances.	+	* Business rates.
−	*PAYE.	+	* Capital allowances.
−	*Stamp duty.	+	* PAYE.
−	*Tax relief.	+	* Stamp duty.
−	*VAT.	+	* Tax relief.
		+	* VAT.

	=== External references ===		=== External references ===
−	*[https://www.gov.uk/capital-gains-tax Capital Gains Tax].	+
−	*[http://www.hmrc.gov.uk/cgt/businesses/reliefs.htm HMRC Capital Gains Tax].	+	* [https://www.gov.uk/capital-gains-tax Capital Gains Tax].
−	*[http://www.hmrc.gov.uk/cgt/shares/ Capital Gains Tax on Investments].	+	* [http://www.hmrc.gov.uk/cgt/businesses/reliefs.htm HMRC Capital Gains Tax].
−	*[http://www.hmrc.gov.uk/cgt/possessions/index.htm Capital Gains Tax on Personal possessions]	+	* [http://www.hmrc.gov.uk/cgt/possessions/index.htm Capital Gains Tax on Personal possessions]
−	*[http://www.hmrc.gov.uk/cgt/property/sell-own-home.htm Private Residence Relief].	+	* [http://www.hmrc.gov.uk/cgt/property/sell-own-home.htm Private Residence Relief].

	[[Category:Taxation]]		[[Category:Taxation]]

Designing Buildings at 14:10, 1 October 2015

2015-10-01T14:10:02Z

← Older revision		Revision as of 14:10, 1 October 2015
Line 23:		Line 23:
	= Shares =		= Shares =

−	The ~~[http://www.hmrc.gov.uk/cgt/shares/~~ investments] that are liable to Capital Gains Tax include:	+	The investments that are liable to Capital Gains Tax include:
	*Company stocks and shares.		*Company stocks and shares.
	*Units in a unit trust.		*Units in a unit trust.

Designing Buildings at 14:11, 27 October 2014

2014-10-27T14:11:35Z

← Older revision		Revision as of 14:11, 27 October 2014
Line 1:		Line 1:
−

	= Overview =		= Overview =
Line 5:		Line 4:
	Capital Gains Tax (CGT) is levied on the profit that is made when something is sold, gifted, swapped or otherwise disposed of.		Capital Gains Tax (CGT) is levied on the profit that is made when something is sold, gifted, swapped or otherwise disposed of.

−	The following assets are liable to Capital Gains Tax ~~when they are sold or disposed of~~:	+	The following assets are liable to Capital Gains Tax:
	*Property. If it is not the main home (unless it is let out, used for business or larger than 5,000 square metres).		*Property. If it is not the main home (unless it is let out, used for business or larger than 5,000 square metres).
	*Shares that are not in a NISA, ISA or PEP.		*Shares that are not in a NISA, ISA or PEP.
Line 12:		Line 11:
	*Overseas assets.		*Overseas assets.

−	== Property ==	+	= Property =

	Property that is liable to Capital Gains Tax includes:		Property that is liable to Capital Gains Tax includes:
Line 22:		Line 21:
	The selling of a main home will not generally be liable to Capital Gains Tax and may be eligible for [http://www.hmrc.gov.uk/cgt/property/sell-own-home.htm Private Residence Relief].		The selling of a main home will not generally be liable to Capital Gains Tax and may be eligible for [http://www.hmrc.gov.uk/cgt/property/sell-own-home.htm Private Residence Relief].

−	== Shares ==	+	= Shares =

	The [http://www.hmrc.gov.uk/cgt/shares/ investments] that are liable to Capital Gains Tax include:		The [http://www.hmrc.gov.uk/cgt/shares/ investments] that are liable to Capital Gains Tax include:
Line 29:		Line 28:
	*Certain securities, debentures and bonds.		*Certain securities, debentures and bonds.

−	== Personal possessions ==	+	= Personal possessions =

	The majority of [http://www.hmrc.gov.uk/cgt/possessions/index.htm personal possessions] that are worth more than £6,000 are liable to Capital Gains Tax, including:		The majority of [http://www.hmrc.gov.uk/cgt/possessions/index.htm personal possessions] that are worth more than £6,000 are liable to Capital Gains Tax, including:
Line 38:		Line 37:
	*Possessions that are part of a set, such as matching vases (the threshold applies to the set as a whole).		*Possessions that are part of a set, such as matching vases (the threshold applies to the set as a whole).

−	== Business assets ==	+	= Business assets =

	Numerous [http://www.hmrc.gov.uk/cgt/businesses/reliefs.htm business assets] are liable to Capital Gains Tax and typically include:		Numerous [http://www.hmrc.gov.uk/cgt/businesses/reliefs.htm business assets] are liable to Capital Gains Tax and typically include:
Line 48:		Line 47:
	*Registered trademarks.		*Registered trademarks.

−	== Overseas assets ==	+	= Overseas assets =

	For residents in the UK, overseas assets are liable to Capital Gains Tax, including:		For residents in the UK, overseas assets are liable to Capital Gains Tax, including:

Designing Buildings: Created page with " = Overview = Capital Gains Tax (CGT) is levied on the profit that is made when something is sold, gifted, swapped or otherwise disposed of. The following assets are liable to..."

2014-10-27T14:05:34Z

Created page with " = Overview = Capital Gains Tax (CGT) is levied on the profit that is made when something is sold, gifted, swapped or otherwise disposed of. The following assets are liable to..."

New page

= Overview =

Capital Gains Tax (CGT) is levied on the profit that is made when something is sold, gifted, swapped or otherwise disposed of.

The following assets are liable to Capital Gains Tax when they are sold or disposed of:
*Property. If it is not the main home (unless it is let out, used for business or larger than 5,000 square metres).
*Shares that are not in a NISA, ISA or PEP.
*Personal possessions that are worth more than £6,000 (apart from a personal car).
*Business assets.
*Overseas assets.

== Property ==

Property that is liable to Capital Gains Tax includes:
*Second homes.
*Any rental properties.
*Business premises.
*Land, including agricultural land.

The selling of a main home will not generally be liable to Capital Gains Tax and may be eligible for [http://www.hmrc.gov.uk/cgt/property/sell-own-home.htm Private Residence Relief].

== Shares ==

The [http://www.hmrc.gov.uk/cgt/shares/ investments] that are liable to Capital Gains Tax include:
*Company stocks and shares.
*Units in a unit trust.
*Certain securities, debentures and bonds.

== Personal possessions ==

The majority of [http://www.hmrc.gov.uk/cgt/possessions/index.htm personal possessions] that are worth more than £6,000 are liable to Capital Gains Tax, including:
*Jewellery.
*Antiques.
*Paintings.
*Coins and stamps.
*Possessions that are part of a set, such as matching vases (the threshold applies to the set as a whole).

== Business assets ==

Numerous [http://www.hmrc.gov.uk/cgt/businesses/reliefs.htm business assets] are liable to Capital Gains Tax and typically include:
*Buildings and land.
*Fixtures and fittings.
*Shares.
*Plant and machinery.
*Goodwill.
*Registered trademarks.

== Overseas assets ==

For residents in the UK, overseas assets are liable to Capital Gains Tax, including:
*Holiday homes.
*Shares in a foreign company.
*Land abroad purchased for development.

= When Capital Gains Tax is not required =

Capital Gains Tax is only required on any gains which are in excess of the tax-free allowance, which for 2013-2014 is:
*£10,900 for individuals.
*£5,450 for trustees.

It is not normally necessary to pay Capital Gains Tax on gifts between husband and wife, civil partner or to charities. In addition, Capital Gains Tax on inheritance is typically only required when an asset is sold.

The following assets are not liable:
*Personal car.
*Personal possessions that are disposed of for less than £6,000.
*Main home.
*Any tax free investment savings accounts e.g. ISAs and PEPs.
*Winnings from the lottery, betting or the pools.
*UK government gilts and Premium Bonds.
*Personal injury compensation.
*Foreign currency for personal use.

= Rates for Capital Gains Tax =

The rates for Capital Gains Tax for 2013-14 are:
*18% and 28% for individuals (dependent on the total amount of taxable income).
*28% for trustees or for personal representatives of someone who has died.
*10% for sole traders or partnerships with gains qualifying for Entrepreneurs' Relief.

= Reporting Capital Gains Tax =

If Capital Gains Tax needs to be paid, HM Revenues and Customs (HMRC) will require notification through a tax return. This can be completed [https://online.hmrc.gov.uk/login?GAREASONCODE=-1&GARESOURCEID=SaAAll&GAURI=https://online.hmrc.gov.uk/self%2Dassessment/&Reason=-1&APPID=SaAAll&URI=https://online.hmrc.gov.uk/self%2Dassessment/ online] or alternatively on [http://search2.hmrc.gov.uk/kb5/hmrc/forms/view.page?record=jwrHAxRnsvo&formid=3190 paper].

= Record keeping =

It is necessary to maintain any records for at least one year after the [https://www.gov.uk/self-assessment-tax-returns/deadlines Self Assessment deadline] and businesses must maintain records for 5 years after the deadline.

= Find out more =

=== Related articles on Designing Buildings Wiki. ===
*Business rates.
*Capital allowances.
*PAYE.
*Stamp duty.
*Tax relief.
*VAT.

=== External references ===
*[https://www.gov.uk/capital-gains-tax Capital Gains Tax].
*[http://www.hmrc.gov.uk/cgt/businesses/reliefs.htm HMRC Capital Gains Tax].
*[http://www.hmrc.gov.uk/cgt/shares/ Capital Gains Tax on Investments].
*[http://www.hmrc.gov.uk/cgt/possessions/index.htm Capital Gains Tax on Personal possessions]
*[http://www.hmrc.gov.uk/cgt/property/sell-own-home.htm Private Residence Relief].

[[Category:Taxation]]