Living away from home?

Living away from home?

Private Residence Relief (PRR) is a valuable Capital Gains Tax relief that can eliminate the tax due when you sell your home. In simple terms, it applies to periods when a property has been your only or main residence. However, if you spend time living away from home,...
Rolling over capital gains

Rolling over capital gains

Rolling over capital gains can be an effective way for business owners to defer Capital Gains Tax (CGT) when selling or disposing of certain business assets. This is done using Business Asset Rollover Relief which allows taxpayers to postpone the tax on gains if all...
Tax if selling a second property

Tax if selling a second property

You may have to pay Capital Gains Tax (CGT) tax when you sell or dispose of a property that is not your main home. This includes buy-to-let properties, business premises, land and inherited property. Your gain is broadly the difference between what you paid for the...
Tax effects of letting out part of your home

Tax effects of letting out part of your home

If you have tenants living in your property, it is important to understand the Capital Gains Tax (CGT) implications. In most cases, there is no CGT to pay when you sell a property that has been your main residence, as the gain is covered by Private Residence Relief...
Claiming Business Asset Rollover Relief

Claiming Business Asset Rollover Relief

Claiming Business Asset Rollover Relief allows for the deferral of Capital Gains Tax (CGT) when taxpayers sell or dispose of certain assets and use all or part of the proceeds to buy new business assets. The relief means that the tax on the gain of the old asset is...