22. Capital gains tax and inheritance tax on business assets

2019 ◽  
pp. 213-232
Author(s):  
J. Scott Slorach ◽  
Jason Ellis
Keyword(s):  
Capital Gains ◽  
Capital Gains Tax ◽  
Business Context ◽  
Inheritance Tax ◽  
Tax Regimes ◽  
A Company

This chapter examines the capital gains tax (CGT) and inheritance tax regimes which apply to individuals in relation to businesses and business assets. Under the provisions of the Taxation of Chargeable Gains Act (TCGA) 1992, CGT is payable when a taxable person makes a disposal of chargeable assets giving rise to a chargeable gain unless an exemption or relief applies. The chapter first discusses the various rules which need to be considered to establish a taxpayer’s CGT liability on any given disposal. It then covers CGT in the business context; disposals of partnership property; disposals of shares; disposals of business assets owned by those involved in the business; the purchase by a company of its own shares; and inheritance tax.

22. Capital gains tax and inheritance tax on business assets

2018 ◽  
Author(s):  
J. Scott Slorach ◽  
Jason Ellis
Keyword(s):  
Capital Gains ◽  
Capital Gains Tax ◽  
Business Context ◽  
Inheritance Tax ◽  
Tax Regimes ◽  
A Company

This chapter examines the capital gains tax (CGT) and inheritance tax regimes which apply to individuals in relation to businesses and business assets. Under the provisions of the Taxation of Chargeable Gains Act (TCGA) 1992, CGT is payable when a taxable person makes a disposal of chargeable assets giving rise to a chargeable gain unless an exemption or relief applies. The chapter first discusses the various rules which need to be considered to establish a taxpayer’s CGT liability on any given disposal. It then covers CGT in the business context; disposals of partnership property; disposals of shares; disposals of business assets owned by those involved in the business; the purchase by a company of its own shares; and inheritance tax.

22. Capital gains tax and inheritance tax on business assets

2017 ◽  
Author(s):  
J. Scott Slorach ◽  
Jason Ellis
Keyword(s):  
Capital Gains ◽  
Capital Gains Tax ◽  
Business Context ◽  
Inheritance Tax ◽  
Tax Regimes ◽  
A Company

This chapter examines the capital gains tax (CGT) and inheritance tax regimes which apply to individuals in relation to businesses and business assets. Under the provisions of the Taxation of Chargeable Gains Act (TCGA) 1992, CGT is payable when a taxable person makes a disposal of chargeable assets giving rise to a chargeable gain unless an exemption or relief applies. The chapter first discusses the various rules which need to be considered to establish a taxpayer’s CGT liability on any given disposal. It then covers CGT in the business context; disposals of partnership property; disposals of shares; disposals of business assets owned by those involved in the business; the purchase by a company of its own shares; and inheritance tax.

22. Capital gains tax and inheritance tax on business assets

2020 ◽  
pp. 211-230
Author(s):  
J. Scott Slorach ◽  
Jason Ellis
Keyword(s):  
Capital Gains ◽  
Capital Gains Tax ◽  
Business Context ◽  
Inheritance Tax ◽  
A Company

This chapter examines the capital gains tax (CGT) and inheritance tax (IHT) regimes that apply to individuals in relation to businesses and business assets. Under the provisions of the Taxation of Chargeable Gains Act (TCGA) 1992, CGT is payable when a taxable person makes a disposal of chargeable assets giving rise to a chargeable gain unless an exemption or relief applies. The chapter first discusses the various rules which need to be considered to establish a taxpayer’s CGT liability on any given disposal. It then covers CGT in the business context; disposals of partnership property; disposals of shares; disposals of business assets owned by those involved in the business; the purchase by a company of its own shares; and inheritance tax.

22. Capital gains tax and inheritance tax on business assets

Business Law ◽  
2021 ◽  
pp. 210-229
Author(s):  
J. Scott Slorach ◽  
Jason Ellis
Keyword(s):  
Capital Gains ◽  
Capital Gains Tax ◽  
Business Context ◽  
Inheritance Tax ◽  
A Company

This chapter examines the capital gains tax (CGT) and inheritance tax (IHT) regimes that apply to individuals in relation to businesses and business assets. Under the provisions of the Taxation of Chargeable Gains Act (TCGA) 1992, CGT is payable when a taxable person makes a disposal of chargeable assets giving rise to a chargeable gain unless an exemption or relief applies. The chapter first discusses the various rules which need to be considered to establish a taxpayer’s CGT liability on any given disposal. It then covers CGT in the business context; disposals of partnership property; disposals of shares; disposals of business assets owned by those involved in the business; the purchase by a company of its own shares; and inheritance tax.

11. Taxation of trusts and settlements

2018 ◽  
Author(s):  
Kathryn Wright ◽  
Clare Firth ◽  
Lucy Crompton ◽  
Helen Fox ◽  
Frances Seabridge ◽  
...  
Keyword(s):  
Income Tax ◽  
Capital Gains ◽  
Capital Gains Tax ◽  
Inheritance Tax

Settlements may be created by settlors in their lifetime, or by will, or they may arise under the intestacy rules. This chapter considers the tax implications of such settlements from the perspective of both the trustees and the beneficiaries. It considers each of the three main taxes separately: inheritance tax, capital gains tax, and income tax.

11. Taxation of trusts and settlements

2017 ◽  
Author(s):  
Kathryn Wright ◽  
Clare Firth ◽  
Lucy Crompton ◽  
Helen Fox ◽  
Frances Seabridge ◽  
...  
Keyword(s):  
Income Tax ◽  
Capital Gains ◽  
Capital Gains Tax ◽  
Inheritance Tax

Settlements may be created by settlors in their lifetime, or by will, or they may arise under the intestacy rules. This chapter considers the tax implications of such settlements from the perspective of both the trustees and the beneficiaries. It considers each of the three main taxes separately: inheritance tax, capital gains tax, and income tax.

29. Sale of a business to a company

Business Law ◽  
2021 ◽  
pp. 294-299
Author(s):  
J. Scott Slorach ◽  
Jason Ellis
Keyword(s):  
Cash Flow ◽  
Income Tax ◽  
Capital Gains ◽  
Capital Gains Tax ◽  
Flow Problems ◽  
Stamp Duty ◽  
A Company

A sole trader or partnership may decide, for a variety of reasons, to incorporate the business. Incorporation will give rise to a number of tax and other problems. This chapter considers these problems and how they can be avoided, or at least mitigated. It shows that the tax rules are the most important consideration in this area, since if they are not appreciated, an unexpected tax bill can cause very serious cash flow problems. They include rules on income tax, capital gains tax, VAT, and stamp duty/stamp duty land tax.

29. Sale of a business to a company

2019 ◽  
pp. 294-299
Author(s):  
J. Scott Slorach ◽  
Jason Ellis
Keyword(s):  
Cash Flow ◽  
Income Tax ◽  
Capital Gains ◽  
Capital Gains Tax ◽  
Flow Problems ◽  
Stamp Duty ◽  
A Company

A sole trader or partnership may decide, for a variety of reasons, to incorporate the business. Incorporation will give rise to a number of tax and other problems. This chapter considers these problems and how they can be avoided, or at least mitigated. It shows that the tax rules are the most important in this area, since if they are not appreciated the payment of an unexpected tax bill can cause very serious cash flow problems. These include rules on income tax, capital gains tax, VAT, and stamp duty/stamp duty land tax.

20. Taxation in Family Law

2018 ◽  
pp. 207-211
Author(s):  
Jane Sendall
Keyword(s):  
Income Tax ◽  
Family Law ◽  
Capital Gains ◽  
Capital Gains Tax ◽  
Inheritance Tax ◽  
Stamp Duty ◽  
Financial Settlement

Family law practitioners must be aware of the tax implications of any financial settlement and make it tax- efficient for the client. This chapter discusses the types of tax most relevant to family law, including income tax, capital gains tax, inheritance tax, and stamp duty land tax.

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