Claiming private residence relief: A sting in the tail?
The concept of capital gains tax (CGT) relief on the disposal of an individual’s home is straightforward enough. However, in practice errors by taxpayers (and agents) in private residence relief claims are seemingly common. In its ‘Capital Gains Tax for Land and Buildings Toolkit’ (tinyurl.com/HMRC-L-B-Toolkit), HM Revenue and Customs (HMRC) describes the omission of chargeable […]
Gifts to and from a company: Don’t forget IHT!
Transactions between a company and its owners are relatively common, particularly in owner-managed and family companies. Where an asset is being transferred to or from a ‘close’ (i.e. broadly a closely-controlled) company, most taxpayers (or their advisers) will normally be concerned about whether there are any potential capital gains tax or corporation tax implications for […]