Bloomsbury Professional Capital Gains Tax 2021/22

Preface
Table of examples
Table of statutes
Table of statutory instruments and other guidance
Table of cases
List of abbreviations
Chapter 1 Introduction to capital gains tax
	Signposts
		What is chargeable as a gain
		History of CGT
		Who is chargeable to CGT
		Exempt assets or gains
		The capital gains tax calculation
		Reporting of gains
		Self-assessment procedures
		Payment of tax
		Compliance assurance and penalties
Chapter 2 Disposals
	Signposts
		Definition of assets and disposals
		When asset value is lost
		Compensation and other receipts
		Special situations
Chapter 3 Computation of gains and losses
	Signposts
		Computational rules
		Consideration for the disposal
		Connected persons
		Delayed or deferred consideration
		Allowable expenditure
		Calculation and use of losses
		Deduction of reliefs
Chapter 4 Particular assets
	Signposts
		Shares and securities
		Options and deposits
		Chattels
		Wasting assets
		Finance arrangements
		Assets appropriated to or from trading stock
Chapter 5 Foreign issues
	Signposts
		Introduction
		Basis of the charge to CGT
		Foreign assets
		Location of assets
		Territorial limits of CGT
		Residence and ordinary residence prior to 6 April 2013 – the old law
		Statutory residence test to determine residence from 6 April 2013 – the current rule
		Non-residents doing business in the UK
		Anti-avoidance: temporary non-residence
		Foreign assets of non-UK domiciled taxpayers
		Apportionment of non-resident company’s gains
		Double tax relief
		Offshore (non-UK resident) settlements
		Penalty regime
		Increased penalties to tackle offshore tax evasion
		New criminal offence of failing to declare offshore income/gains
		Compliance disclosure opportunity – ‘requirement to correct’
		Extension of offshore limits
Chapter 6 Partnerships
	Signposts
		How CGT applies to partnerships
		Partnership assets and ‘other’ assets
		Disposal of partnership assets
		Change in fractional share of assets
		Limited liability partnerships
		HMRC Statement of Practice D12
Chapter 7 Administration of an estate
	Signposts
		Introduction
		Capital gains tax in the period to the date of death
		Capital gains tax in the administration of an estate
		Legatee or beneficiary
		Main residence relief
		Deeds of appointment, variations or disclaimers
		Sales by legatees
Chapter 8 Capital gains tax – settlements
	Signposts
		Introduction
		Definition of ‘settlement’ and ‘settled property’
		The creation of a settlement
		Actual and deemed disposals by trustees
		Disposal of interests in settled property
		Sub-fund elections
		Rates of tax
		Particular transactions affecting trusts
		Exemptions and reliefs
		Main residence relief and trustees
		Main residence relief, trusts and hold-over of gain under TCGA 1992, s 260
		Settlor-interested settlements
		Residence of trust
		Trusts for vulnerable and disabled persons
		Compliance
Chapter 9 Companies
	Signposts
		Basis of charge
		Rebasing
		Indexation allowance
		Capital losses
		Identification of shares
		Groups of companies
		Relief on disposal of shares
Chapter 10 Land and property
	Signposts
		Outline
		Treatment of land transactions
		Part disposals of land
		Leases of land
		Residential property
		Furnished holiday lettings
		Non-resident CGT
		Annual tax on enveloped dwellings (ATED)
		Profits taxed as income
Chapter 11 Main residence relief
	Signposts
		Scope of the relief
		What constitutes a residence?
		Other uses of a residence
		Extent of the property
		Periods of occupation
		Two or more residences
		Divorce and separation
Chapter 12 Business asset disposal relief (formerly entrepreneurs’ relief)
	Signposts
		Introduction
		Operation of the relief
		Claiming the relief
		Shareholders
		Sole traders
		Partners
		Trustees
		Post-cessation disposals
		Associated disposals
		Deferred gains
		Interaction with other reliefs
Chapter 13 Hold-over relief for gifts
	Signposts
		Forms of hold-over relief
		Gifts of business assets
		Operation of TCGA 1992, s 165 relief
		Special situations
		When relief is denied
		Gifts subject to IHT (TCGA 1992, s 260)
		Where relief is denied or clawed back
		Claims and valuations
Chapter 14 Roll-over relief for business assets
	Signposts
		Overview of roll-over relief
		Conditions
		Period for reinvestment
		Qualifying activities
		Asset classes
		Use of assets
		Operation of the relief
		Depreciating assets
		Claims
		Interaction with other reliefs
Chapter 15 Incorporation of a business
	Signposts
		Overview
		Effect of the relief
		The conditions
		Election to forgo incorporation relief
		Computing the relief
		Interaction with other reliefs
Chapter 16 Venture capital reliefs
	Signposts
		Four venture capital reliefs
		Seed Enterprise Investment Scheme
		EIS disposal relief
		EIS share identification rules
		EIS deferral relief
		How to claim EIS deferral relief
		What happens when the conditions are broken
		Interaction with other reliefs
		When EIS relief is withdrawn or clawed back
		Venture capital trusts
		Social investment tax relief
Chapter 17 Investors’ relief
Signposts
	Overview
		Company conditions
		Investor conditions
		Share conditions
		Share reorganisations
		Claiming the relief
Chapter 18 Other reliefs
	Signposts
		Employee-ownership trusts
		Employee shareholder status
		Loans to traders
		Share loss relief
		Gifts to the nation
Chapter 19 Tax planning versus tax avoidance
	Signposts
		Tax planning
		Tax avoidance
		Basic tax planning
		Anti-avoidance rules
		Disclosure of tax avoidance schemes
Index