Category: capital gains tax

The Autumn 2024 Budget: A Summary of the Key Reforms for Financial Remedy Practitioners – Financial Remedies Journal

Posted November 4th, 2024 in budgets, capital gains tax, corporation tax, divorce, education, families, financial dispute resolution, financial provision, foreign jurisdictions, inheritance tax, minimum wage, national insurance, news, stamp duty, taxation by tracey

‘The Autumn Budget 2024 (“the Budget”) saw history being made as Rachel Reeves, who became our first female Chancellor of the Exchequer, set out arguably the biggest tax changes for a generation, set to raise taxes by £41bn by 2029/30 and said to be part of the Government’s plan to revitalise Britain. In this article, we will summarise the key reforms of the Budget, highlighting those which may be of particular relevance to financial remedy practitioners and their clients.’

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Financial Remedies Journal, 1st November 2024

Source: financialremediesjournal.com

Angela Rayner cleared of criminal wrongdoing over sale of home – The Guardian

Posted May 29th, 2024 in capital gains tax, HM Revenue & Customs, housing, news, political parties, tax avoidance, taxation by tracey

‘Angela Rayner has been cleared of criminal wrongdoing over claims she avoided tax on the sale of a home, with the Labour deputy leader criticising what she called the “desperate tactics” of Conservative MPs who urged police to investigate.’

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The Guardian, 28th May 2024

Source: www.theguardian.com

Woman who used nine ‘fabricated’ AI cases in court loses appeal – The Indepdendent

Posted December 15th, 2023 in appeals, artificial intelligence, capital gains tax, HM Revenue & Customs, news, taxation by tracey

‘A woman who used nine “fabricated” ChatGPT cases to appeal against a penalty for capital gains tax has had her case rejected by a court.’

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The Independent, 14th December 2023

Source: www.independent.co.uk

Society warns on Finance Bill changes – Law Society’s Gazette

Posted May 16th, 2023 in bills, capital gains tax, charities, EC law, income tax, inheritance tax, Law Society, news, solicitors by sally

‘The Law Society today reminded private client solicitors that the Finance Bill is set to restrict charitable tax reliefs to UK charities only, with donations located in the EU and the European Economic Arena (EEA) no longer qualifying for UK charitable tax reliefs from April 2024. This will impact individuals who claim income tax or capital gains tax relief on donations to non-UK charities and those who expect inheritance tax exemption on lifetime gifts or on legacies to such organisations.’

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Law Society's Gazette, 15th May 2023

Source: www.lawgazette.co.uk

Will your UK damages be taxable? – OUT-LAW.com

Posted October 12th, 2022 in capital gains tax, damages, income tax, news, taxation by tracey

‘Awards and settlements in commercial disputes can be taxable in the claimant’s hands. The tax treatment of damages should be considered at an early stage as this may need to be factored into the amount claimed. Tax also needs to be considered in settlement negotiations to ensure the offer is enough.’

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OUT-LAW.com, 11th October 2022

Source: www.pinsentmasons.com

Capital Gains Tax: transfers of assets between spouses and civil partners in the process of separating – Family Law

Posted August 19th, 2022 in capital gains tax, civil partnerships, divorce, families, married persons, news by tracey

‘The government has published proposals to change the rules that apply to transfers of assets between spouses and civil partners who are in the process of separating. It provides that they be given up to three years in which to make no gain or no loss transfers of assets between themselves when they cease to live together; and unlimited time if the assets are the subject of a formal divorce agreement.’

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Family Law, 19th August 2022

Source: www.familylaw.co.uk

New tax changes that may impact on divorcing couples – Family Law

Posted May 28th, 2020 in capital gains tax, divorce, families, news, taxation by sally

‘The start of the new tax year has understandably almost arrived unnoticed due to the pandemic, however, there are some pretty big changes which came into effect from 6 April 2020 which may particularly impact divorcing couples.’

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Family Law, 22nd May 2020

Source: www.familylaw.co.uk

Matalan founder suing PwC for ‘ineffective tax avoidance advice’ – The Guardian

Posted May 21st, 2020 in accountants, capital gains tax, income tax, negligence, news, tax avoidance by sally

‘The multimillionaire founder of Matalan is suing his accountants for allegedly giving him ineffective tax avoidance advice – weeks after his retail empire received tens of millions of pounds of taxpayer support during the Covid-19 pandemic.’

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The Guardian, 20th May 2020

Source: www.theguardian.com

Changes to Capital Gains Tax Reliefs When Spouses and Civil Partners Separate – Pump Court Chambers

Posted May 6th, 2020 in capital gains tax, chambers articles, civil partnerships, divorce, families, married persons, news, taxation by sally

‘Among all the other changes being made to people’s financial arrangements, firstly as a result of our anticipated Brexit, and then as a result of the Covid-19 pandemic, and their concomitant impact on economies, both macro and micro, share values, savings rates and property values, it’s easy to forget that significant changes have also been made to personal tax arrangements. For those in marriages or civil partnerships who are separating, or for those who have already separated and are going through divorce or dissolution proceedings and their associated financial remedy proceedings, that includes changes to Capital Gains Tax.’

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Pump Court Chamber, 27th April 2020

Source: www.pumpcourtchambers.com

Changes to Capital Gains Tax from Monday 6 April – Radcliffe Chambers

Posted April 17th, 2020 in capital gains tax, chambers articles, news, taxation by sally

‘Changes to reporting and tax payment requirements on the disposal of UK residential property affecting both UK and non UK tax residents. A brief summary of the main features appears below.’

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Radcliffe Chambers, 2nd April 2020

Source: radcliffechambers.com

Divorcing couples: beware the capital gains tax trap – OUT-LAW.com

Posted October 10th, 2019 in capital gains tax, divorce, matrimonial home, news, penalties, sale of land, time limits by tracey

‘A change to the capital gains tax (CGT) rules from April 2020 means divorcing or separating couples in the UK will have a shorter period of time in which to sell their interest in the family home without being hit by tax penalties.’

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OUT-LAW.com, 8th October 2019

Source: www.pinsentmasons.com

Court of Appeal: HMRC did not act unfairly in withdrawing guidance only for taxpayers with ‘open’ affairs – OUT-LAW.com

Posted July 31st, 2017 in appeals, capital gains tax, HM Revenue & Customs, income tax, news, shareholders, unfair commercial practices by sally

‘HM Revenue & Customs (HMRC) could withdraw previous guidance in relation to losses arising from the exercise of share options, even though other taxpayers whose affairs could not be reopened had benefited from the treatment, the Court of Appeal has ruled.’

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OUT-LAW.com, 28th July 2017

Source: www.out-law.com

Five new laws coming in today and how they will affect you – The Independent

Posted April 7th, 2016 in banking, capital gains tax, dogs, interest, news, pensions, visas by sally

‘Following the introduction of the National Living Wage and unwelcome increases to council tax, today sees another wave of new laws come into force in the UK.’

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The Independent, 6th April 2016

Source: www.independent.co.uk

Divorcing? Delay until April 6 to cut your tax bill – Daily Telegraph

Posted March 18th, 2015 in capital gains tax, divorce, news, tax avoidance, taxation by sally

‘A little-understood aspect of the tax rules means couples could avoid capital gains tax by delaying separation until the next financial year.’

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Daily Telegraph, 17th March 2015

Source: www.telegraph.co.uk

No tax for Castle Howard painting as judge rules it is ‘plant or machinery’ – Daily Telegraph

Posted March 19th, 2013 in artistic works, capital gains tax, news, taxation by tracey

“The custodians of North Yorkshire stately home Castle Howard have won a tribunal
battle to avoid paying tax on the £9.4m sale of a painting, after a judge ruled
it a piece of ‘plant or machinery’ integral to attracting visitors.”

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Daily Telegraph, 19th March 2013

Source: www.telegraph.co.uk

Family Law Week’s Budget Briefing 2012 – Family Law Week

Posted March 22nd, 2012 in budgets, capital gains tax, corporation tax, news, tax avoidance, taxation by sally

“Steve Crompton & David Kitson, Tax Directors at RSM Tenon, review the Chancellor’s 2012 Budget announcements.”

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Family Law Week, 21st March 2012

Source: www.familylawweek.com

Revenue and Customs Commissioners v Cotter – WLR daily

Posted February 10th, 2012 in capital gains tax, income tax, law reports, tax avoidance by tracey

Revenue and Customs Commissioners v Cotter: [2012] EWCA Civ 81;  [2012] WLR (D)  25

“Where the revenue decided to challenge matters contained in a self assessment tax return in response to the particulars sought by the return, it should use either the procedure in section 9A of the Taxes Management Act 1970 or seek to make a correction to the return under section 9ZB, if applicable, therefore entitling the taxpayer to a right of appeal to the First Tier Tribunal. The court did not have jurisdiction to determine in collection proceedings whether a taxpayer was entitled to include in his tax return a claim for relief and so rely on it as a defence to the claim for immediate payment.”

WLR Daily, 8th February 2012

Source: www.iclr.co.uk

Revenue and Customs Commissioners v Cotter – WLR Daily

Posted April 20th, 2011 in abuse of process, capital gains tax, income tax, jurisdiction, law reports by sally

Revenue and Customs Commissioners v Cotter [2011] EWHC 896 (Ch); [2011] WLR (D) 137

“The court had jurisdiction to determine in collection proceedings whether a taxpayer was entitled to include in his tax return a claim for relief and so rely on it as a defence to the claim for immediate payment.”

WLR Daily, 14th April 2011

Source: www.iclr.co.uk

Please note that once a case has been fully reported in one of the ICLR series the corresponding WLR Daily summary is removed.

Revenue and Customs Commissioners v Smallwood and another – WLR Daily

Posted July 12th, 2010 in appeals, capital gains tax, domicile, double taxation, law reports by sally

Revenue and Customs Commissioners v Smallwood and another [2010] EWCA Civ 778; [2010] WLR (D) 177

“In assessing tax liability in a capital gains case raising potential double taxation relief, care was required in construing ‘residence’.”

WLR Daily, 9th July 2010

Source: www.lawreports.co.uk

Please note once a case has been fully reported in one of the ICLR series the corresponding WLR Daily summary is removed.

Kellogg Brown & Root Holdings (UK) Ltd v Revenue and Customs Commissioners – WLR Daily

Posted March 1st, 2010 in appeals, capital gains tax, company law, law reports, shareholders by sally

Kellogg Brown & Root Holdings (UK) Ltd v Revenue and Customs Commissioners [2010] EWCA Civ 118; [2010] WLR (D) 53

“For the purposes of capital gains tax in relation to associated companies, under s 286(5)(b) of the Taxation of Chargeable Gains Act 1992, a ‘group’ did not require any common purpose but was to be given its ordinary meaning of ‘collection’. Where shares were disposed of by the taxpayer to another company and the ultimate parent companies of each were ‘connected persons’ then the taxpayer and the acquiring company were sufficiently connected within s 18(3) of the 1992 Act for the capital loss on the disposal to be deductible only from chargeable gains arising on other disposals between the same two companies.”

WLR Daily, 25th February 2010

Source: www.lawreports.co.uk

Please note once a case has been fully reported in one of the ICLR series the corresponding WLR Daily summary is removed.