capital gains tax

Turn losses to your advantage

Rebecca Atkinson — Thu, 11 Sep 2008 12:51:27 +0100

Investors who have made investment losses could turn their misfortune to their advantage if they report losses to the HM Revenue & Customs before the self-assessment deadline.

CGT reforms have increased tax burden

Rebecca Atkinson — Fri, 22 Aug 2008 09:57:06 +0100

Capital gains tax (CGT) reforms introduced in April have led to a 35% jump in the number of people being hit by this levy.

The savings bank Skandia, which derived the figure from government statistics, says it presents evidence that CGT reforms have failed to reduce the tax burden in the UK, and are just another stealth tax brought in by the backdoor.

Brits waste £9.3 billion in unnecessary tax

Rebecca Atkinson — Tue, 27 May 2008 17:02:15 +0100

Around £9.3 billion is wasted each year in unnecessary tax, costing each of us an average of £183, new figures reveal.

Analysis of Inland Revenue and other official data – by research firm RAKM – shows that the amount we pay in unnecessary tax has risen by 14% from last year, with 82% of people admitting they have done nothing to reduce their tax payments.

Do multi-manager funds justify their price?

Chris Thomas — Thu, 22 May 2008 18:01:36 +0100

If today’s shaky markets are making you nervous, you might feel like letting the experts take control of your investments. One option is the multi-manager fund - if you’re prepared to pay the charges. But with these extra costs, are these funds really worth it?

Tax changes at a glance

Rebecca Atkinson — Mon, 07 Apr 2008 15:13:50 +0100

The new tax year has brought in a host of tax reforms. Here is the Moneywise guide to the changes impacting your personal finances this tax year.

ISAs

The most popular tax change is likely to be higher allowances for ISAs. The annual limit on saving through ISAs is now £7,200, of which up to £3,600 can be saved as cash. If you choose to invest the maximum amount in cash, then you can only invest £3,600 in stocks and shares.

Get your own back on the taxman

Chris Thomas — Mon, 03 Mar 2008 17:05:14 +0000

Tax is a funny thing. It's not the most interesting topic in the world so we tend to avoid thinking about it - that is, until we realise how much of it we are paying. Why should we pay tax on our savings? Why should we be taxed on our capital gains, and why, why, why should the taxman pocket a chunk of our estate when we die?

Buy-to-let landlords facing tax crackdown

Rebecca Atkinson — Fri, 22 Feb 2008 17:28:02 +0000

The taxman is believed to be planning a major crackdown on buy-to-let landlords who have failed to declare their rental income.

PKF Accountants & Business Advisers says HM Revenue and Customs has already sent warning letters to hundreds of buy-to-let landlords about taxes on their undeclared rents. As well as receiving backdated tax bills, offending landlords could also face fines for unpaid taxes dating back six years.

Darling introduces entrepreneurs capital gains tax concession

Rebecca Atkinson — Fri, 25 Jan 2008 11:01:27 +0000

The Treasury has partially backed-down on plans to scrap tapered capital gains tax by introducing a concessionary rate of tax for entrepreneurs.

On Thursday, the chancellor Alistair Darling confirmed plans first announced in last year's pre-Budget that an 18% flat-rate of capital gains tax will be introduced from 6 April 2008. However, the compromise for entrepreneurs means owners of small business as well as employees and company directors who own at least 5% of shares in the company will only pay 10% capital gains tax on any profits under £1 million.

The concession was introduced by the Treasury following criticisms that the flat-rate could deter small businesses in the UK.

A hand-up onto the first rung

Rebecca Atkinson — Mon, 17 Dec 2007 16:58:10 +0000

Today's first-time buyers face even more of a struggle than previous generations. A decade of soaring house prices and ongoing credit crunch makes it feel as though homeownership is slipping out of their reach.

According to industry research the average first-time buyer is now 33 and has saved for around five years for a deposit.

Profit from student property

Chris Thomas — Tue, 11 Dec 2007 16:50:09 +0000

If there's one regret I share with my parents about my time at university in Sheffield, it's not buying a house. Back in September 2001, figures from the Land Registry show we could have picked up a property for around £54,012. When I graduated in June 2004, average property prices had risen to £95,497, and in April 2007 to £125,393.