Earned Income Tax Credit

An Introductory Guide to Capital Gains Tax

A capital gain is a sum of money received that isn’t ordinarily part of a person’s income, and this is most likely to happen when a person disposes of an asset that they own. Still, capital gains tax is only imposed when there has been what is known as a ‘chargeable gain’ or a gain [...]

Capital Gains Tax: Reliefs and Allowable Losses

The relief offered to individuals in regard to their home is incumbent, among other things, on the fact that the property is no larger than half an acre, and that, should a couple who, prior to union, individually owned separate relief-qualifying homes, after union sell one of the properties within three years.
 

It is usual that [...]

Determining the Chargeable Gain

Typically, a chargeable gain arises when a person profits from the sale price of an asset, but sometimes it is constructive in effect as they may dispose of it in a manner different to an ordinary sale. Simply put, the overriding premise is that these capital sums are acquired in a different manner to the [...]

What Assets and Disposals Attract Capital Gains Tax?

Any form of property that allows an owner to derive a capital sum from through either disposal or other means is able to attract capital gains tax, however, some things, due to their status, are exempt from this tax.
 
Property of exempt status includes a private vehicle, personal effects up to £6,000, cash in sterling and [...]

Taper Relief Information

Taper relief is relief afforded an individual after a chargeable gain has been deducted of any available allowable losses, and the chargeable gain yet remains higher than the exemption threshold. This form of relief is applied after all other applicable deductions have been made and is with specific regards to how long the asset has [...]