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Canada-MB-THOMPSON Azienda Directories
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Azienda News:
- CGT anti-forestalling quirks warrant examination
Generally, where a disposal is made under an unconditional contract, the CGT is calculated using the rates prevailing on the date of exchange (when the contract is signed), not when the asset is transferred This should mean that a disposal where exchange and completion straddle Budget Day could attract the lower, pre-30 October rates However, according to the anti-forestalling legislation
- Capital gains tax hiked immediately in Budget | AccountingWEB
The rates of capital gains tax (CGT) on assets such as shares and commercial property change immediately for disposals made on and after 30 October 2024, to align with the CGT rates currently paid on gains from residential property These new rates are: 18% for gains falling in the basic rate band and 24% for gains falling in the upper tax bands
- Penalty for late payment of CGT - AccountingWEB
- taxpayer has filed a 60-day return (not SA) on time, but had to estimate the correct %age rate to use for CGT; - taxpayer then recalculated the CGT due (after YE) and reported the disposal on a SA return; - at which point a late-payment penalty may apply to any late-paid CGT, but only by reference to the normal SA filing dates
- Rebasing of CGT on residential sale - AccountingWEB
Additionally, if the individual tax return is filed within 60 days of the completion date, there is no requirement to submit a separate CGT return, if I’m correct You can refer to CG73924 for answers to most of the questions you may have
- Changes to income tax reporting requirements ahead
The basic CGT rate increased from 10% to 18%, and the higher CGT rate from 20% to 24%, with effect from Budget Day Although we have had in-year changes to CGT rates before, this one came much later in the tax year than previous changes, meaning that HMRC had already finished updating the 2024 25 SA100 return and was not able to go back and redesign it
- CGT payment date - AccountingWEB
My understanding is that self-assessment and CGT are on two different systems at HMRC, they are able to move the CGT payments to self-assessment, but not the other way around When a tax return is filed with CGT on, this creates the liability in self-assessment and not the CGT system, therefore payment can be made by 31 January
- HMRC homes in on landlord CGT avoidance scheme
The scheme is being promoted as saving capital gains tax (CGT), stamp duty land tax (SDLT) and inheritance tax (IHT) However, HMRC’s view is that the scheme does not work How the scheme works The scheme is supposed to work with the individual landlord establishing an LLP From there, the landlord transfers the rental properties along with
- CGT: Claim capital losses to use in future - AccountingWEB
I've had an interesting one recently, where exchange (as in a binding contract rather than a conditional contract, which may change the CGT point) arises n one year, and completion happens several months later in a different tax year, leading to a strange situation whereby the gain will arise for CGT purposes before the clock starts ticking on the 60 day Return, and HMRC were at a loss as to
- Improvements to property - CGT calculation - AccountingWEB
Just completing a CGT calculation on a property sale The client has presented a few improvement costs during their ownership, most of which are straightforward I am puzzling over two of them and hoped to run my thoughts past this forum
- CGT interest charges - AccountingWEB
By the time we made submission for the client and they made payment of the CGT, a penalty was charged, along with interest We have successfully appealed the penalties, but HMRC are refusing to remove the interest from the client's account due to 'it not being fair to customers who pay their tax on time '
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