Capital Gains Tax Archives - Arthur Boyd & Co

Gifts – beware capital gains tax may be payable

Gifts – beware capital gains tax may be payable The nature of a gift is that it is something that is given to some without receiving a payment in return. Consequently, as nothing is received in return it would, at first sight, seem unlikely that making a gift could trigg...

Using your annual exempt amount for 2021/22

Using your annual exempt amount for 2021/22 All individuals are entitled to an annual exempt amount for capital gains tax purposes. Net gains (chargeable gains less allowable losses) for the tax year are free of capital gain tax to the extent that they are covered by the a...

Cryptocurrency + Tax = Do you know the rules??

Cryptocurrency + Tax = Do you know the rules?? Do you know your Bitcoin from your Ethereum? Your XRP from your Algorand? If so, you might be interested to read this…especially if you have ‘realised’ some of your cryptocurrency. Many individuals are unwitting...

Special capital gains tax rule for transfers of assets between spouses

Special capital gains tax rule for transfers of assets between spouses Although married couples and civil partners are assessed individually for capital gains tax purposes and each has their own annual exempt amount, a ...

Giving money to charity to save inheritance tax

Giving money to charity to save inheritance tax One way to reduce the amount that the taxman takes from an estate in inheritance tax is to make a donation to charity. This is can be particularly tax effective. The donation is taken off your estate before inheritance tax is...

Make use of the capital gains tax inter-spouse exemption

Make use of the capital gains tax inter-spouse exemption There are a number of tax concessions available to married couples and civil partners which recognise that their financial affairs may be interlinked. One of these concessions relates to the transfer of assets betwee...

Wondering what chattels are and how they relate to Capital gains tax? Wonder no more!

Capital gains tax and chattels (an item of tangible movable property) For capital gains tax purposes, not all chattels are equal. In some cases, it is possible to realise a profit on the disposal of a chattel and enjoy that profit tax free, whereas in other cases, capital ...

Worthless assets and negligible value claims

Worthless assets and negligible value claims Where an asset has been lost or destroyed or the value of the asset has become negligible, it may be possible to take advantage of an allowable loss for capital gains tax purposes. It should be noted, however, that the loss will...

Capital gains – beware of disposals to family members

Beware of disposals to family members – the ‘market value’ rule At first sight, the calculation of a capital gain or loss on the disposal of an asset is relatively straightforward – simply the difference between th...

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