{"id":377,"date":"2018-08-13T00:00:00","date_gmt":"2018-08-12T23:00:00","guid":{"rendered":"http:\/\/duffyregan.co.uk\/index.php\/2018\/08\/13\/when-is-capital-gains-tax-payable\/"},"modified":"2018-08-13T00:00:00","modified_gmt":"2018-08-12T23:00:00","slug":"when-is-capital-gains-tax-payable","status":"publish","type":"post","link":"http:\/\/duffyregan.co.uk\/index.php\/2018\/08\/13\/when-is-capital-gains-tax-payable\/","title":{"rendered":"When is Capital Gains Tax payable"},"content":{"rendered":"<p>Notwithstanding any of the comments that follow, an individual is allowed to make tax-free capital gains of &pound;11,700 during 2018-19.<\/p>\n<p>There are also a number of circumstances when a disposal does not create a taxable gain. These include:<\/p>\n<ul>\n<li>The sale of personal assets worth less than &pound;6,000.<\/li>\n<li>Gifts to your spouse or civil partner.<\/li>\n<li>Gifts to a charity.<\/li>\n<li>Gains when you cash in ISAs or PEPs.<\/li>\n<li>Disposal of certain UK government gilts and premium bonds.<\/li>\n<li>Betting, lottery or pools winnings.<\/li>\n<li>Any personally owned car.<\/li>\n<\/ul>\n<p>If you live abroad, you will have to pay tax on gains you make on residential property in the UK even if you are non-resident for tax purposes. You do not pay Capital Gains Tax on other UK assets, for example shares in UK companies, unless you return to the UK within 5 years of leaving.<\/p>\n<p>Even if gains are taxable there may be reliefs you can claim to reduce or defer any Capital Gains Tax that may be due. These reliefs include:<\/p>\n<ul>\n<li>\n<p>Entrepreneurs&rsquo; relief<\/p>\n<\/li>\n<li>\n<p>Business asset rollover relief<\/p>\n<\/li>\n<li>\n<p>Incorporation relief<\/p>\n<\/li>\n<li>\n<p>Gift hold-over relief<\/p>\n<\/li>\n<\/ul>\n<p>Circumstances when these reliefs may be of use include:<\/p>\n<ul>\n<li>\n<p>When you sell your business<\/p>\n<\/li>\n<li>\n<p>When you reinvest the proceeds from a chargeable disposal into a new asset<\/p>\n<\/li>\n<li>\n<p>When you change a sole trader or partnership business into a limited liability company, and<\/p>\n<\/li>\n<li>\n<p>If you give away a business asset.<\/p>\n<\/li>\n<\/ul>\n<p>If you are likely to dispose of, or re-organise, any assets in this way please contact us to discuss any Capital Gains Tax implications.<\/p>\n<!-- -->","protected":false},"excerpt":{"rendered":"<p>Notwithstanding any of the comments that follow, an individual is allowed to make tax-free capital gains of &pound;11,700 during 2018-19. There are also a number of circumstances when a disposal does not create a taxable gain. These include: The sale of personal assets worth less than &pound;6,000. Gifts to your spouse or civil partner. Gifts [&hellip;]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-377","post","type-post","status-publish","format-standard","hentry","category-uncategorised"],"_links":{"self":[{"href":"http:\/\/duffyregan.co.uk\/index.php\/wp-json\/wp\/v2\/posts\/377","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/duffyregan.co.uk\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/duffyregan.co.uk\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/duffyregan.co.uk\/index.php\/wp-json\/wp\/v2\/comments?post=377"}],"version-history":[{"count":0,"href":"http:\/\/duffyregan.co.uk\/index.php\/wp-json\/wp\/v2\/posts\/377\/revisions"}],"wp:attachment":[{"href":"http:\/\/duffyregan.co.uk\/index.php\/wp-json\/wp\/v2\/media?parent=377"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/duffyregan.co.uk\/index.php\/wp-json\/wp\/v2\/categories?post=377"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/duffyregan.co.uk\/index.php\/wp-json\/wp\/v2\/tags?post=377"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}