HMRC has updated its Capital Gains Tax Form CG34 to take account of changes made to the guidance notes especially to emphasize that the relevant information must be received by HMRC at least two months before the tax payer’s tax filing date.
It is not mandatory to complete the form but if you make your own valuations of assets disposed of during the tax year, you can ask HMRC to check your valuations before the tax filing date so that you don’t underpay any tax due on the disposed assets. The form can be downloaded from this link: CG34.pdf
If you want any further information or wish to discuss your tax affairs in strict confidence, then please do not hesitate to contact us.
HMRC have today produced a revised list of assets that are officially accepted as qualifying for negligible value claims for Capital Gains Tax purposes. The revised list include any new agreements during the month of February 2012. The list is very long so I suggest please use HMRC’s website to browse it. The link is here:
Negligible Value agreements to 29 February 2012
As always, if you have any questions or need further assistance on this matter, please don not hesitate to contact us using this form: Contact us.
Main announcement on direct & indirect taxes
- Income tax: 50p tax rate for anyone earning more than £150,000 a year will be reduced to 45p, effective 6th April 2013. Mr Osborne said the 50% rate is driving budding entrepreneurs away from Britain. Are they going to some other planet? Only he can tell us ;
- Personal allowance: Tax-free threshold will rise to £9,205 from 6th April 2013;
- Corporation tax: The corporation tax will be cut by 1% immediately, taking the tax to 24%. This will decrease to 22% by April 2014. the chancellor wants me to advertise this fact ” for business in Britain”. WELCOME TO BRITAIN FOR OUR WELFARE, FREE HOUSING AND REDUCED TAXATION;
- Stamp duty: The Stamp Duty Land Tax charge on residential properties over £2m will rise to 7% from midnight tonight (21 March 2012) and homes bought inside a corporate envelope will see tax of 15%. Now this is going to hurt people who buy residential properties on a daily basis;
- Tobacco: The tax on cigarettes will rise to 5% above inflation – adding 37p to the price of each packet sold from 6pm tonight (21 March 2012); Now this is the best time for smokers to quit;
- Gambling: Slot and fruit machines will see new taxes – with a standard rate of 20% and a lower rate for low-prize machines of 5% of net takings; Kids and truants would be hit hardest by this announcement;
- Alcohol and Fuel: No new changes to taxation announced. But Previously announced plans mean the price of a pint will rise between 5p and 10p from next week; Alcoholics beware!
- Additional: A consultation document to be published in April on Integration of income tax and national insurance;
- Where your money goes: the government confirmed that everyone would receive a personal tax statement explaining what they have paid and where this money has been spent – i.e. how much of your money has gone to things like education, health, benefits and the like. Now this move is considered money well spent by our government;
- Tax breaks for industry: The 2012 Budget contained tax breaks and support for several UK based industries, including TV production companies, animators, video games producers and more industrial sectors like aviation and pharmaceuticals. this move is likely to benefit foreign investments more than British investors; Britain is for sale from midnight tonight;
Detailed tables and rates are at this link; Rates and Allowances