Femi O. Ogunshakin – Solicitor & Tax Advisor

Femi O. Ogunshakin – Solicitor & Tax Advisor

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Femi O. Ogunshakin – Solicitor & Tax Advisor

Femi O. Ogunshakin – Solicitor & Tax Advisor

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Capital Gains Tax

Home/Blog/Capital Gains Tax

Tax implications for the bank of mum and dad

February 2, 2023Capital Gains Tax, Property, SDLT, Stamp DutyLeave a commentadmin

With property prices expected to fall during 2023, parents may be thinking about getting their children onto the property ladder. However, although help with a deposit does not raise that many tax issues, joint ownership…

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Meandering thoughts on Capital gains chop in Autumn Statement

December 10, 2022Capital Gains Tax, MTD, self-assessmentLeave a commentadmin

It should have come as no real surprise that the Chancellor took the axe to relief on capital gains tax (CGT) in the government’s Autumn Statement. The changes are expected to raise some £1.6 billion…

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Defining ‘period of ownership’ on residence disposals for CGT purposes

July 21, 2022Capital Gains Tax, Litigation & Dispute Resolution, self-assessmentLeave a commentadmin

The disposal of a private residence is exempt from capital gains tax (CGT) if used as a main residence throughout the period of ownership. A recent case heard in the First-Tier Tribunal has come up…

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Tax implications of no fault divorce

July 13, 2022Capital Gains Tax, Income Tax, Litigation & Dispute Resolution, WealthLeave a commentadmin

No fault divorce became a reality in April this year. Although it brought no associated changes to the tax rules, divorcing couples should now be in a better position to focus on financial issues –…

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What is a ‘reasonable excuse’ for tax penalties?

February 21, 2022Capital Gains Tax, COVID-19, Income Tax, self-assessment, Self-EmployedLeave a commentadmin

Having a reasonable excuse can be a get-out-of-jail-free card if you are charged a tax penalty. However, there is no statutory definition of the term, and what might constitute a reasonable excuse for one person…

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Focus on tax year-end planning

February 3, 2022Benefits, Capital Gains Tax, Inheritance Tax, PensionsLeave a commentadmin

With Christmas and New Year behind us, tax year-end planning should now be on your radar. The 2021/22 tax year will end on Tuesday 5 April. This year there is no Spring Budget and Easter…

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Freeports up and running

January 5, 2022Capital Gains Tax, National Insurance Contributions, Stamp Duty, TaxLeave a commentadmin

The first eight Freeport designated tax sites have now opened in Teesside, Humber and Thames. Freeports and their tax sites benefit from various incentives and tax breaks, but it remains uncertain whether they will provide…

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Cryptoassets tax confusion

December 13, 2021Capital Gains Tax, Cryptocurrency, Income Tax, Tax, WealthLeave a commentadmin

HMRC is sending letters to taxpayers who they believe hold cryptoassets, advising them of the potential capital gains tax (CGT) implications and linking to relevant guidance. Many taxpayers will be unaware that simply exchanging one…

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Treasury sets aside CGT and IHT change agendas

December 10, 2021Capital Gains Tax, Inheritance Tax, Lasting Will & Testaments, Tax, Wealth, Wills & ProbateLeave a commentadmin

Tax and Administration Maintenance (TAM) Day is a new phenomenon brought in by the Treasury to try and move away from the traditional all-in-one Budget. Following the first ‘Tax Day’ in March, the end of…

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CGT reporting and payment deadline extended

November 18, 2021Budget, Capital Gains Tax, Property, self-assessment, TaxLeave a commentadmin

I've taken a few calls recently, from a number of clients, on CGT on disposal of UK residential property, and although information on this is already in the public domain, here's a brief summary in…

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