.png)
.png)
Which rate of tax applies to a capital gain on residential property?
KEY POINTS
- Different rates of tax now apply to upper rate special rate and other gains.
- The importance of understanding the definition of a ‘residential property’ gain.
- The Valuation Office guidance on residential properties and dwellings.
- TCGA 1992 Sch B1 has no ‘permitted area’ test.
- Allocating rates and exemptions in a worked example.
Finance Act 2016 s 83 introduces the changes to the rates of capital gains tax from 6 April 2016. Capital gains are now allocated into three categories. These are as follows.
- ‘Upper rate gains’. These arise from:
- residential property;
- non-resident’s residential property and
- carried interest.
These gains are taxed at 28% subject to any unused element of...
Alternatively, you can register free of charge to read a limited amount of subscriber content per month.
Once you have registered, you will receive an email directing you back to read this item in full.
