Business Information at your Fingertips

Please note, we are in the process of updating our factsheets. The factsheets currently available are for the 2009/2010 year.

Capital Taxes

  1. Trusts

    Trusts are a long established mechanism which allows individuals to benefit from the assets without assuming the legal ownership of those assets so that others (the trustees) have day to day control over the assets. A trust can be extremely flexible and have an existence totally independent of the person who established it and those who benefit from it.

  2. Capital Gains Tax

    A capital gain arises when certain capital (or 'chargeable') assets are sold at a profit. The gain is the sale proceeds (net of selling costs) less the purchase price (including acquisition costs). The taxation of capital gains has been significantly revised from 6 April 2008. This factsheet deals with the current position.

  3. Inheritance Tax

    Inheritance tax (IHT) is levied on a person’s estate when they die, and certain gifts made during an individual’s lifetime. Most gifts made more than seven years before death will escape tax. Therefore, if you plan in advance, gifts can be made tax-free: the result can be a substantial tax saving. We give guidance below on some of the main opportunities for minimising the impact of the tax.

  4. Stamp Duty Land Tax

    Stamp Duty Land Tax (SDLT) was introduced on 1 December 2003 and replaced Stamp Duty in respect of land transactions. Stamp Duty was an old tax which required the existence of a document, such as a conveyance. SDLT is a very different type of tax and the new regime is intended to be robust. This factsheet sets out some of the basic things you need to know about the tax.

  5. Capital Gains Tax and the Family Home

    The capital gains tax (CGT) exemption for gains made on the sale of your home is one of the most valuable reliefs from which many people benefit during their lifetime. The relief is well known: CGT exemption whatever the level of the capital gain on the sale of any property that has been your main residence. In this factsheet we look at the operation of the relief and consider factors that may cause it to be restricted.

  6. Pre-Owned Assets

    Inheritance tax (IHT) was introduced almost 20 years ago and broadly charges to tax certain lifetime gifts of capital and estates on death. With IHT came the concept of ‘potentially exempt transfers’ (PETs): make a lifetime gift of capital to an individual and, so long as you live for seven years from making the gift, there can be no possible IHT charge on it whatever the value of the gift.