Capital Gains Tax An individual’s principal private residence, together with land occupied as its gardens or grounds up to a maximum of one acre, is exempt from CGT if the individual has used it as his / her principal private residence throughout his / her period of ownership. In addition to the above relief, further relief may be available in respect of a gain arising to him / her on the disposal of a house which was used by a dependent relative as that relative’s sole residence. The house must have been provided to […]
Category Archives: CGT
Capital Gains Tax Retirement Relief
Anyone who is planning their retirement has numerous considerations on their mind – can a family member take over the business, when can I afford to retire, how will I occupy my time after retirement? The tax considerations can be well down the list of priorities. Yet, tax planning for retirement needs to take place well in advance of the final decision to retire. Provided certain conditions are met, it is possible to dispose of your business assets and pay zero Capital Gains Tax using CGT retirement relief. As you know, Capital Gains Tax (CGT) is […]