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GiftRelief(Holdoverrelief)
第一大模型：夫妻之间转让模型
②GiftreliefAssetsqualifying
Businessassets
Unquotedsharesinatradingcompany
Quotedsharesinapersonaltradingcompany(>5%)
A: B:
deemedproceeds: basecost=deemedproceeds-giftrelief
less:oricost
less:giftrelief
taxednow(actualgain)
GiftRelief(Holdoverrelief)
Notification:
Bothparties
20/21~before2025/4/5
Example1
On6May2020AngelosoldtohissonMichaelafreeholdshopvaluedat£200,000for£50,000,andclaimedgiftrelief.Angelohadoriginallypurchasedtheshopfromwhichhehadrunhisbusinessfor£30,000.MichaelcontinuedtorunabusinessfromtheshoppremisesbutdecidedtoselltheshopinMarch2021for£195,000.
Computeanychargeablegainsarising.
Giftofqualifyingshares
Ifthecompanyhaschargeablenon-businessassetsatthetimeofthegift
giftreliefwillbe:
Totalgain×MVofCBA/MVofCA
CBA
=chargeablebusinessassets(chargeableassetsexceptinvestments)
CA
=chargeableassets(assetsnotexemptfromCGT)
Example2
MorrisgiftssharesinhispersonalcompanytohissonMinorrealizingagainof£100,000.Themarketvaluesoftheassetsownedbythecompanyatthedateofthegiftare:
£
Freeholdfactoryandoffices
150,000
Leaseholdwarehouse
80,000
Investments
120,000
Currentassets
200,000
Showthegainqualifyingforhold-overreliefandthechargeablegain.
ReplacementofBusinessAssets
-第三大模型②
ReplacementofBusinessAssets
Qualifyingassets
Landandbuildings.
Fixedplantandmachinery.
Conditions
Replace12mbefore⇒36maftersale
Example3
InJune1996JohnFieldboughtsomelandfor£140,000foruseasafixedassetinhistrade.InAugust2020hesolditfor£250,000,immediatelyreinvesting£230,000oftheproceedsinfreeholdpropertyforuseinhistrade.
Required
Calculatethechargeablegainandthebasecostofthenewasset.
ReplacementofBusinessAssets
Wherethereplacementassetisadepreciatingasset,thegainisnotrolledoverbyreducingthecostofthereplacementasset.Ratheritisdeferreduntilitcrystallisesontheearliestof:
Thedisposalofthereplacementasset
Thedatethereplacementassetceasestobeusedinthetrade(butthegaindoesnotcrystallizeonthetaxpayer'sdeath)
Tenyearsaftertheacquisitionofthereplacementasset(maximum)
Example4
NormaboughtafreeholdshopforuseinherbusinessinJune2017for£125,000.Shesolditfor£140,000on1August2018.On10July2018,Normaboughtsomefixedplantandmachinerytouseinherbusiness,costing
£150,000.Shethensellstheplantandmachineryfor
£167,000on19November2020.
ShowNorma'sgainsinrelationtothesetransactions.
Businessassetdisposalrelief
Businessassetdisposalrelief
Assetsqualifying
Disposalofwholeorpartofbusiness(noreliefongainsfrominvestments).
Disposalofsharesinatradingcompany,whereindividualhas5%shareholdingandisanemployeeofthecompany
Assetsmustbeownedfor2yearpriortodisposal.
Claimdeadline:Disposalsinthetaxyear2020/21,31January2023.
Businessassetdisposalrelief
Operationofrelief
£10mlifetimelimit
Gainstaxed@10%
Gainsuseupanyunusedbasicratebandinprioritytoothergains
Example5
Daisysoldhissoletraderbusinesson3August2020.Gainsaroseonchargeableassetsasfollows:
Offices £450,000
Goodwill £75,000
Investments £120,000
Allassetshadbeenownedfor2yearpriortodisposal.On23March2021Daisysolda15%shareholdinginPuddleLtdwhichresultedinachargeablegainof₤600,000.
Daisyhadacquiredtheseshareson1June2007andhadbeenemployeeofthecompanyeversince.
Daisyhascapitallossesof₤15,000broughtforward.
Required
CalculateDaisy’sTaxableGainsfor2020/21.
Investor’srelief
Investor’sRelief
Assetsqualifying:
notemployeeordirector；
unquotedcompany’snewissuedshares
acquiredafter6April2016,andmustbeownedfor3yearpriortodisposal.
Claimdeadline:Disposalsinthetaxyear2020/21,31January2023.
Example:
On20June2017,Winniesubscribedfor150000£1ordinaryshares(a2%shareholding)inUnquoteLtd，anunquotedtradingcompany,attheirparvalue.
Shehasneverbeenanemployeeordirectorofthecompany.Winniesoldthe150000sharesinUnquoteLtdfor£760,000on15December2020.
Investor’sRelief
Operationofrelief
£10mlifetimelimit
Gainstaxed@10%
Gainsuseupanyunusedbasicratebandinprioritytoothergains
RatesofCGT
RatesofCGT
①taxableincome
②taxablegainscoveredbyBusinessassetdisposalrelief&investor’srelief(10%)
③othertaxablegains
generalgains
residentialproperty
Lowerrate
10%
18%
Higherrate
20%
28%
GiftaiddonationPPS
37500
PaymentofCGT
2020/21 31/01/22
Gain CGTdue
Example6
Forthetaxyear2020/21,Adamhasasalaryof£41,000.Duringtheyear,hemadenetpersonalpensioncontributionof£4,400.On15June2020,Adamsoldanantiquetableandthisresultinachargeablegainof£20,000.
Paymentonaccountonresidentialproperty
Paymentonaccountonresidentialproperty
住宅类房产预缴税款
Apaymentonaccountmustnowbemadewithin30dayswherecapitalgainstaxispayableinrespectofadisposalofresidentialproperty.AreturnmustbesubmittedtoHMRCatthesametime.
Residentialpropertygain(onlyoneintheexam) XCurrentyearcapitallossBeforethisdisposal (X)Capitallossbroughtforward (X)
Annualexemptamount (12,300)
A
Paymento
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