Capital Gains Tax

Question 1

When is CGT due?

Answer 1

31 Jan (2024)

Question 2

Are losses before or after AEA?

Answer 2

BEFORE

Question 3

Transfer of assets between spouses?

Answer 3

NGNL

Question 4

Wasting chattel?

Answer 4

Remaining life less than 50y (horses, hounds, yachts) (never p&m w. CAs)

Question 5

Non-wasting chattel?

Answer 5

Life over 50y (antiques, art)

Question 6

What are the CGT anti-avoidance rules on?

Answer 6

Non-wasting chattels

Question 7

How long do you have to own an asset for it to qualify for BADR?

Answer 7

2y

Question 8

How long after cessation of the relevant business can you still claim BADR?

Answer 8

3y

Question 9

When will shares qualify for BADR?

Answer 9

5%
Employee 2y
TRADING

Question 10

BADR things to remember about other deductions

Answer 10

Still counts towards BRB
But can use AEA against other gains

Question 11

What are the qualifying rollover relief assets? (OBT)

Answer 11

The &s

P&M
L&B

Question 12

Can a rollover relief asset also qualify for BADR?

Answer 12

Yes (rare)

Question 13

How much letting relief can you claim?

Answer 13

PRR, 40K, until gain zero

Question 14

When can you choose to pay CGT in instalments and how many instalments is it?

Answer 14

1. Land/Estate/Interest in land
2. Shares in a company from a contrlling holding
3. Unquoted shares

Payable in 10 annual instalments from normal due date

Normally interest charged

Question 15

Capital loss from connected person?

Answer 15

Can ONLY be relieved against SAME CONNECTED PERSON