No such thing as a free gift?
Article Abstract:
The UK Finance Act of 1989 has limited the deferring of the capital gains tax (CGT) levied on gifts by abolishing the general hold-over relief of CGT levied on gifts. However, careful tax planning can allow taxpayers relief since the Act extended the scope of the S 126 gift relief for business assets to gifts of assets to trustees and individuals. In order to qualify for relief, transactions must meet basic relief conditions, including: the transaction must be one where trustees or individuals are disposing of a qualified business asset; the transaction must be other than by way of a bargain at arm's length; and the transfer must be to a recipient who is an ordinary resident of and resident in the UK.
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 1990
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Rebase your CGT knowledge
Article Abstract:
An analysis of the reforms that were prompted by the Finance Act of 1988 are discussed. Specific focus is given to the rebasing rules and their effect on capital gains tax.
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 1989
User Contributions:
Comment about this article or add new information about this topic:
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