Full Description
Taking on a practical approach to the subject and concentrating on the most commonly found transactions and reliefs, Capital Gains Tax 2020/21 is an invaluable title for those who deal with capital gains tax on a regular basis. The latest edition examines the current legislation and HMRC guidance in a clear, comprehensive style and explores the following: - The introduction of a requirement for UK resident individuals, trustees and PRs to report and make payments on account of CGT due on disposals of residential property within 30 days of completion. Previously, the 30-day payment and reporting regime had applied only to non-UK residents- The reduction in the lifetime limit for entrepreneurs' relief from GBP10m to GBP1m for disposals on or after 11 March 2020- The renaming of ER to business asset disposal relief- The reduction in the final period exemption for main residence relief from 18 months to 9 months- The restriction of lettings relief to periods where the owner occupies a main residence alongside a tenant- The introduction of a restriction on the set off of capital losses for companies from 1 April 2020, where carried forward losses are above the GBP5m deductions allowance- Case law - Henkes v HMRC [2020] UKFTT 159 (TC) Tribunal jurisdiction to consider domicileThe commentary in this title includes numerous examples, updated to the current tax year, and is cross-referenced to the tax legislation as well as to the HMRC manuals and to other HMRC guidance. This accessible reference guide has a user-friendly structure with 'signposts' at the beginning of each chapter to summarise key topics and 'focus points' throughout to highlight important issues, as well as numerous worked examples demonstrating how to apply the main principles in practice.
Contents
Chapter 1 Introduction to capital gains tax Chapter 2 Disposals Chapter 3 Computation of gains and losses Chapter 4 Particular assets Chapter 5 Foreign issues Chapter 6 Partnerships Chapter 7 Administration of an estate Chapter 8 Capital gains tax - settlements Chapter 9 Companies Chapter 10 Land and property Chapter 11 Main residence relief Chapter 12 Business asset disposal relief (formerly entrepreneurs' relief) Chapter 13 Hold-over relief for gifts Chapter 14 Roll-over relief for business assets Chapter 15 Incorporation of a business Chapter 16 Venture capital reliefs Chapter 17 Investors' relief Chapter 18 Other reliefs Chapter 19 Tax planning versus tax avoidance
