Capital Gains

A Dickinson (TC3037)

Scrutinising the autumn statement’s capital gains measures for residential property

Two of the partners in a five-partner firm own the property from which the business carries on its profession. An attractive offer has been made to purchase the premises before one of the owners retires

National Insurance; capital gains tax; social investment tax relief; creative industries; avoidance; Charity Commission

P Gibson (TC3021)

Tax experts have raised concerns about the government’s plan to impose capital gains tax (CGT) on overseas residents who sell UK property, calling it an attack on rich non-voters and warning that it could discourage foreign investors.

The chancellor, George Osborne, announced the charge in his autumn statement today, after weeks of speculation it would form part of an anti-avoidance package in his speech to the Commons.

Benefits of incorporation when succession planning

A whisky collection has been built up over 20 years and is about to be sold. The owner believes the value is no more than the sum of the individual bottles

By John Woolley; £94.50; paperback; 459 pages inc. index; Claritax Books

P Stratton (TC2967)

The director of a Swiss company was awarded shares and paid UK income tax on them. A dividend has been issued on the shares, and has been described as a return of capital to shareholders

UK resident clients have sold a property in Florida. Once depreciation has been added back, a capital gains arises in respect of the sale, but unrelieved losses are brought forward from letting the property. US tax law provides that losses from passive income can be seat against a gain on the sale of the asset