CGT reform: do you want the good news or the bad?
With the prospect of tax rates rising and valuable tax reliefs being remodelled or scrapped, the first report of the Office of Tax Simplification on CGT reform identified far more losers than winners. Following the publication of the OTS’ second report, homeowners, separating couples and many others will breathe a sigh of relief that their tax burdens may be eased and that HMRC has been told to make itself more user friendly.
Is a capital gains tax trap waiting for you in your own back garden?
Since capital gains tax (CGT) was first introduced in 1965, homeowners selling their homes have generally benefitted from having no CGT to pay. But the rules around relief on garden and grounds are complicated and contain a potential trap for the unwary.
30-day CGT returns: a third of sellers make late returns. Is the deadline too short?
Many who have sold a UK residential property that was at some stage not their home are missing the deadlines for completion and payment of a tax return, leaving themselves at risk of fines.
Taxpayer fights HMRC tooth and nail in Supreme Court battle
A recent decision in the Supreme Court case, HMRC v Tooth, found the taxpayer had not made any deliberate error on his tax return. This decision will have far reaching consequences for both HMRC and the taxpayer when tax assessments are raised in future.