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Understanding Business Asset Disposal Relief (BADR) Business Asset Disposal Relief (BADR) offers a valuable tax advantage, reducing the capital gains tax rate on profits made from selling all or part of a business or shares in a personal trading company. Previously known as Entrepreneurs’ Relief, this relief is crucial for business owners looking to minimize
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Current Capital Gains Tax Rates One of the more positive aspects of the Autumn 2024 Budget is that the Chancellor decided not to increase the capital gains tax (CGT) rates on residential property gains. Instead, she aligned the standard rates with the residential rates. From 6 April 2024, the top CGT rate for residential property
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The favourable tax rules that apply to furnished holiday lettings (FHL) end on 5 April 2025. For many landlords, this may be when they decide to bring their FHL business to an end and sell up. One of the main benefits of the existing FHL regime is the ability to access Business Asset Disposal Relief
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Under English property law, there are two ways in which property can be owned jointly – as joint tenants and as tenants in common. How the property is held can have tax consequences. It also determines what happens if one of the joint owners dies. Joint tenants Where a property is owned as joint tenants,
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Landlords with furnished holiday lettings (FHLs) are living in uncertain times. At the 2024 Spring Budget, it was announced that the favorable tax regime for FHLs would be abolished from 6 April 2025. However, the legislation has yet to be enacted, and it remains unclear if it will see the light of day. Landlords of
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For many businesses, initial setup costs are low for just an internet connection, smartphone, and laptop. Invariably, funding for expansion or the purchase of specific items will come from the owner’s resources or those of family or friends. If an individual makes a gift either to a business owner or to the business itself, it
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