capital gains tax

Will HMRC find out if I fail to declare the tax I owe?

You may have to pay CGT if you make a gain when you sell or transfer property that is not your main home. This applies to a sale or transfer of a second property to your son.

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If I sell my buy-to-let flat to my daughter, will I have to pay any tax on it?

Assuming the flat has never been your main residence, you would be liable for capital gains tax (CGT) on the increase in value from the date of purchase to the date of sale.

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Autumn Budget 2017: £400 increase in capital gains tax allowance

The annual capital gains tax (CGT) allowance will increase to £11,700 for the 2018/19 tax year.

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Ask the Experts: Will I pay income tax or capital gains tax on cash I got for extending a lease?

Income tax will not be due, but I’m afraid you will owe CGT on the money you have received.

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Ask the Experts: What investments can I pick that will be exempt from capital gains tax?

I draw my income entirely from my investments, but I’m wondering what investment options there are that do not attract capital gains tax (CGT).

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Minimise your tax bill with 10 tax saving tips

With many expecting inflation to rise this year, it wouldn’t be a bad idea to think about how you can make your money go further at the final hurdle – the taxman.

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For the Queen's 90th birthday: Four royal tax facts

The Queen is a lucky woman. Not only does she enjoy a reported fortune of about £270m, but she also gets two birthdays a year! And this weekend will see the climax of months of events to celebrate her 90th.

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How can I cut the capital gains tax I’ll owe on the flat I’ve been renting out?

I have rented out the flat for the whole five years that I have owned it. Recently, I’ve been making mortgage overpayments to help with the loan-to-value ratio on the mortgage.

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How can I gift a property to my daughter without paying capital gains tax?

Capital gains tax is raised when you sell or gift an asset for more than you bought it for. You have a tax-free amount of £11,100 but the excess is taxed at 18% for basic-rate taxpayers and 28% for higher-rate taxpayers.

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Can I cut my Capital Gains Tax bill when I sell up?

As you have lived in the home you plan to sell as your main residence, it will be regarded as exempt from CGT for those years.

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