Capital gains tax - Computation - Allowable expenditure - 46200

    Allowable expenditure is broadly the total cost incurred by the vendor on the acquisition and disposal of the asset.

    Are local property levies tax deductible?

    Our subscriber converted a commercial property to flats which he intends to let, but he’s now received an unexpected bill from his local authority for the community infrastructure levy (CIL)....

    Selling an asset - tax relief for those little extras

    The negotiations for selling your company have been long-winded and costly. Your accountant, solicitor and a tax expert have weighed in with hefty bills. What proportion of these expenses can...

    HMRC attacks deal between a company and its director

    The Tribunal was required to rule on whether expenses incurred by a company which related to an asset owned by its shareholders were tax deductible. What was the outcome?

    Minimise CGT when you sell a property

    When you sell a property for more than you paid for it you may be liable to tax on any gain you make. But some elements of the sale proceeds should be ignored when working out a gain. What are...

    Mortgage redemption fees - incidental cost of disposal?

    An April 2015 case looked at whether a mortgage redemption fee was an incidental cost of disposal and could, therefore, be deducted in working out a capital gain. What was the outcome?

    Why generosity could land you with a CGT bill

    A recent tribunal decision is a sharp reminder of a little known capital gains tax trap. The taxpayer on the wrong end of the ruling had sold a property to his fiancée at a bargain price. This...

    New tax traps when selling your company

    You sold your company a year ago, but a warranty clause in the contract means you have to repay some of the sale proceeds to the buyer. How will this affect the capital gains tax (CGT) you paid...

    CGT schedule of capital enhancements

    CGT schedule of capital enhancements The cost of structural alterations or improvements to properties counts as capital expenses (enhancements). They can be deducted as expenses when calculating...

    Capital gains tax - evidence of cost of improvements

    A recent tribunal decision demonstrates the importance of keeping a detailed record of the improvements your clients carry out to assets that may one day be liable to CGT.