Capital Gains Tax – Update, Tax Planning and Tax Traps

• Business asset disposal relief
  • Key changes in recent Finance Acts
    • Qualifying shares
    • Elections to avoid dilution issues
  • Trading company status
    • Importance of the Assem Allam case
  • Unincorporated businesses and LLPs
  • Traps to avoid and key cases
• Private residence relief
  • Main Finance Act 2020 changes, including
    • Letting relief effectively abolished in most circumstances
    • Inter-spousal transfers
  • The importance of ‘occupation’ and the evidence HMRC will require
  • Review of recent cases
• Goodwill on business disposals and incorporations
  • HMRC practice
  • Recent cases
• Non-residents
  • The anti-avoidance for ‘temporary non-residents’
  • CGT charges on disposal of UK land and buildings
    • When it applies
    • Compliance and computation issues
  • The 60-day reporting and payment rules for UK residents disposing of UK residential property
  • March 2024 Budget
  • Abolition of remittance basis from April 2025
  • Key points of the proposed replacement ‘foreign income and gains’ (FIG) regime
  • Transitional provisions, including rebasing of assets for CGT purposes 

The Trainer is a Chartered Accountant who qualified with PwC in 1988, spending his last 18 months there in the Corporate Tax department.

In 1989 he joined a leading financial training company as a tax tutor, teaching final level candidates for the ICAEW and ACCA examinations. Since 1992, he has been self-employed as a Professional Tutor and Training Consultant, specialising in tax update courses for accountants, lawyers and investment managers.

The Trainer has been teaching in the financial services industry since 1994. Although he concentrates on the professional development market these days, he is very experienced in teaching stock brokers, fund managers and financial advisors for their various regulatory examinations.

As a result, he is a tax specialist with (unusually) a very rounded knowledge of financial services products and markets. In 2012 this led to him undertaking Gapfill courses for the CISI.
He is a regular contributor to Tax Insider magazine and speaks at regional conferences of the ICAEW and CIOT.

This course will bring delegates up-to-date on:

• The key capital gains tax (CGT) reliefs, particularly
  • Business asset disposal relief
  • Main residence relief
• The CGT charges and reporting requirements related to the disposal of UK residential property and (for non-residents) other UK land and buildings
• The key CGT planning points and problems arising from the proposed abolition of remittance basis for non-doms
• Recent case law, HMRC guidance and other developments

• Trainer is a Chartered Accountant with over 30 years’ experience in tax training
• The course includes discussion of a wide range of tax cases in this area
• There are many numbers-based practical examples to aid understanding of potential tax exposure
• Tax tips and traps are highlighted throughout

• All relevant issues from the 2024 Finance Acts will be covered

This lecture will update you on the changes that have taken place in recent years and, also, review many cases, to demonstrate some of the practical problems that you may come across. Throughout, emphasis will be given to traps that can catch out the unwary.

The course will look at many ways for you to save your client tax; these generally involve having a good understanding of what are often detailed rules and, crucially, planning well in advance of a disposal or transfer.