Capital gains tax

Question 1

Share matching rules for individuals

Answer 1

Same day
Next 30 days
Share pool

Question 2

Part disposal

Answer 2

Proceeds less X

X = original cost * (MV of land sold/(MV of land sold + MV of remainder))

Question 3

Gilts and qualifying corporate bonds

Answer 3

Exempt from CGT on disposal

A QCB is a normal (commercial) loan receivable, in £ with no provisions for conversion to another ccy

Question 4

Takeovers

Answer 4

Only charge CGT on cash element not for ‘paper for paper’ if mixture then pro-rata the cost to find gain/loss on cash received

Question 5

Private residence relief (PRR) and letting relief

Answer 5

Can reduce gain by = Gain X PRR
PRR = occupation/ownership
Occupation includes: final 9 months, all if in job related accommodation (army). Sandwich rules for: 3 years for any reason, any time when working abroad, 4 years working elsewhere in the UK.

Letting relief: lower of 40k, PRR gain and letting gain
Letting gain = time let/total ownership X gain