Capital Gains

The terms of HMRC’s concession covering capital gains tax (CGT) on damages have been reduced to make only the first £500,000 of compensation exempt.

The shareholder directors of a financial services company wish to sell it in such a way that their sale proceeds will qualify for capital gains tax entrepreneurs’ relief without passing on the contingent liability of future claims

A US national is the beneficiary of a portfolio of US-based investments and trusts. She is resident in the UK and, for some years, has received US rental income from a property that is now being sold at a substantial capital gain

Minimising inheritance tax on family assets

S Sehgal (TC3055)

The shareholder of a private company wishes to effect a reorganisation of the shares in a company owned by himself and his wife before transferring shares to his sons. The sons will then sell shares to trusts in favour of their children

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.