As well as being essential reading for all financial advisers we recommend this guide for anyone preparing for the J01, R03, R06 or AF1 CII examinations. It may also be of assistance with personal taxation exams including the IFP Certified Financial Planner or Fellowship exams.
CGT liabilities can take a long time to catch up with a client. For example CGT on a gain on a disposal made on 1st May 2011 will fall to be assessed in 2011/12 but the tax will not be due until 31st January 2013. Being able to ball park CGT liabilities can help a client to make provision for this in their cashflow.
A working knowledge of CGT may also help a client arrange their affairs to mitigate the CGT liability in the first place – an even better result.
The contents of this guide includes lots of worked examples and practice questions of calculations covering:
- Definition of a chargeable disposal
- Base cost of part disposals
- Chargeable and exempt assets
- Principal Private Residence exemption and the treatment of absences
- Chattles exemption
- Treatment of losses
- Annual exemption & taxable gains (18% or 28% - link to taxable income)
- Entrepreneurs' Relief
- Indexation calculations on interspousal transfers made prior to 6.04.08
- Holdover Relief on transfers into trusts
- EIS Holdover Relief
- Share pooling calculations with and without indexation
- CGT on second hand endowments
We estimate that this individual guide takes approximately 10 hours of personal study.
Title: Capital Gains Tax
Author: Sarah Dingley-Brown
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