Capital Gains

The effect of capital gains tax on estates is examined by CLARE MUNRO.

YOU WOULD HAVE to have spent the last decade in media-free exile not to be aware of the stratospheric appreciation in UK house prices in recent years. The impact on the Exchequer's inheritance tax take is well documented; the potential complications with capital gains tax following a death are not.

MIKE TRUMAN looks at the High Court judgment in Small (HMIT) v Mars UK Ltd, and asks what it means for the Distillers case.

MALCOLM GUNN FTII, TEP examines a controversial Revenue statement on termination payments.

IN 1991, THE Revenue issued a statement of practice which was part of its 'Mystifying Misinterpretations' series for practitioners. As readers may know, there is a companion set of publications, the 'Catastrophic Climbdowns' series, which is much smaller and includes the Revenue statement following the decision in Mansworth v Jelley [2003] STC 53, and another one from some years ago concerning insurance commission rebates.

ANDY WELLS considers the effect of the 'trading company' definition on the capital gains tax gifts relief.

SUBSTANTIAL QUALIFICATION, the article by Paul Hodge and Matt Reid in Taxation, 20 January 2005, p370 focused on business asset taper relief, but the matters discussed are also vital if relief is to be claimed under TCGA 1992, s 165 on a disposal of shares by way of gift, (see s 165(8)(aa) inserted by FA 2004 with effect from the current tax year).

DAVID HUGHES reviews the High Court's decision in Wood v Holden.

Corporate residence can be a problematic area. A company may be resident overseas if it can show that its central management and control takes place outside the UK, but if a company only carries out a few transactions (such as the purchase or sale of subsidiaries), what level of involvement is needed to exhibit central management and control?

KEVIN SLEVIN considers the true value of the tax treatment of civil partners.

JULIE BUTLER considers the tax treatment of wind farms.

MARK McLAUGHLIN CTA (Fellow), ATT, TEP examines important recent changes affecting capital gains tax main residence relief.

THE SECOND ARTICLE of this series of two, looks at the changes to the operation of capital gains tax only or main residence relief made in the FA 2004 in response to what the Government perceived as unacceptable tax planning. (All references are to the Taxation of Chargeable Gains Act 1992, unless otherwise stated.)