The Knowledge Centre

The Capital Gains Tax Consequences of Divorce Divorce and Tax: An Often Overlooked Consequence Divorce is never easy. It’s stressful, emotional, and often exhausting. And while there are plenty of things to worry about, one that often surprises people is the tax implications, including Capital Gains Tax (CGT) on asset transfers. The good news is […]

Quality over quantity when it comes to Principal Private Residence (PPR) Principal Private Residence (PPR) is an attractive tax relief, particularly for those who have benefitted from huge market growth on the properties they own. In a nutshell, the main condition being if the person has occupied the property at some point during the period […]

The purchase of a main residence is often the single largest expense you are likely to encounter. As such, the hope is that on any future sale of the property the value has increased from the date of purchase. Fortunately, where a property has been used as a person’s main / principal private residence at […]

Perhaps stating the obvious, if one sells an asset at a profit then it will usually trigger a Capital Gains Tax That said, some assets are not chargeable assets at all and they can be disposed of without any tax charge. Additionally, the sale of some assets will also qualify for various capital gains tax reliefs […]

Compensation Claims & Payments & the Capital Gains Tax Implications… Introduction Where an individual receives a compensation payment, typically from an insurance company, for the loss or destruction of an asset, the amount received will be treated as a capital sum and a full disposal of the asset for Capital Gains Tax (CGT) purposes. Where […]

Introduction – Caravan Park Tax – The Facts & FAQs The caravan park industry is a rather varied one. At one end of the spectrum is the all-singing, all-dancing holiday and leisure parks. In many ways, it might be more like Center Parcs than the traditional caravan site. It may have multiple swimming pools, a […]

Chattel be taxable… Capital Gains Tax on the Sale of Personal Items The sale of personal possessions, whether that be at auction or done privately, can have tax implications which are often overlooked. It is important to be aware of the capital gains tax (CGT) consequences of such transactions, and in particular the rules surrounding […]

Private residence relief – signpost Private residence relief: Introduction ‘An Englishman’s home is his castle’ so the idiom goes. For many people, this will have some truth, as their main or private residence will be their most valuable asset. This is particularly the case for properties which have been held for several decades and have […]

Introduction As stated previously, private residence relief is potentially available in relation to both: This latter category is still dependent on the fact that the property was a main residence or was subject to a private residence relief election under TCGA 1992, s222. The various ‘reliefs’ that provide for deemed occupation can be split in […]