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What is a Wasting Chattel?

What is a Wasting Chattel?

Chattels Certain assets such as plant, watches and paintings valued below £6,000 are exempt from capital gains tax but there are some restrictions, explains Chris Thorpe, technical officer at CIOTWithin the Taxation of Chargeable Gains Act 1992 (TCGA 1992) are listed...
How do I pay Capital Gains Tax?

How do I pay Capital Gains Tax?

  Paying Capital Gains Tax (CGT)  You can pay your Capital Gains Tax when you file the return through the HMRC website, using the link above (When do I pay Capital Gains Tax?), or you can pay it through your Self Assessment account, after logging onto your personal...
What reliefs can I claim on Capital Gains Tax?

What reliefs can I claim on Capital Gains Tax?

 Capital Gains Tax (CGT) reliefs There are reliefs you can claim which will mitigate the calculated gain, such as Private Property relief and Letting relief in the case of Houses and Land, and such as Business Asset Disposal relief (formerly Entrepreneurs relief) and...
When is Capital Gains Tax Due?

When is Capital Gains Tax Due?

 Capital Gains Tax (CGT) A Capital Gains Tax (CGT) return should be filed whenever you sell, or dispose of a Capital Asset, such as a house, land or business assets such as shares in a trading company. The amount of tax may be very little or even nil, but the return...