Capital Gains Tax - 2024 Virtual Conference

Introduction

Chaired by Philip Ridgway, this live broadcast conference with a panel of leading experts offers a comprehensive update as to the current hot topics in this fast-moving area.

Each session will provide a full opportunity for questions and answers.

Conference Agenda

This live and interactive 5 hour conference will cover the following:

10am-11am: Disposals

Chair: Philip Ridgway, Temple Tax Chambers

The date of disposal is paramount for CGT purposes as it fixes the date for payment of tax. This session will look at disposals, conditionality, deferred consideration, earn-outs, options and share exchanges, and s179 disposals.

Morning Break

11:10am-12:10pm: CGT & the Family Home

Andy Richens ATII, Tax Consultant

Private residence relief has been available throughout the life of capital gains tax, since introduction in 1965, but has been subject to a number of recent legislative changes and evolved under tribunal case law. This session will review in detail:

• Meaning of 'residence' and recent tax tribunal cases
• Spouse/civil partners, including FA 2023 changes on separation
• Development of gardens/grounds - Andrew Nunn [2024]
• Measuring the period of ownership - Lee [2023]
• Nominations
• Absences and when relief is available for letting

12:10pm-1:10pm: 5/6 Traps in the CGT & Property Regimes

Lee Sharpe, Sharpe Tax Consulting

This session will discuss the following:

• Gifts (other than to spouses/civil partners) - No Proceeds does NOT mean no CGT (and this does not apply only to transfers between connected parties)
• Deed of Trust is likely a Gift for CGT purposes, even if no requirement to update Land Registry
• Changes to CGT on Divorce - All Good News? What about long divorce proceedings where some assets are not covered at the end?
• CGT on UK Residential Property - Standard regime as applicable to UK tax residents / Loophole for disposals late in the tax year and how non-residents are much more widely exposed
• CGT and rentals - Risk of losing PPR on ‘main home’ thanks to having a tenancy agreement elsewhere. Warning to clients that they should consider nominating their ’main’ home
• Incorporation Relief for Landlords - various issues coming out of recent scrutiny in the tax and landlords’ press
• Capital allowances and Fixtures in commercial properties - opportunities and risks in relation to CPSE and the joint election

Break for lunch

2-3pm: Capital v Income

Jeremy Mindell, Primondell

Given the disparity between income tax and CGT rates, the classification of income and expenses into the two categories could create very different tax outcomes.

This session looks at the dividing line between income and capital gains. It also looks at the treatment of expenses and costs.

The session will explore how court cases have affected the dividing line and also how HMRC and tax professionals have evolved their practice.

Afternoon break

3:15-4:15pm: CGT Reliefs

Chris Thorpe

This session will review important CGT business reliefs including:

• Incorporation relief
• Gift holdover
• Rollover
• Business Asset Disposal relief (BADR)

The session will cover how they work and the potential pitfalls when making claims.

Recording of live sessions: Soon after the Learn Live session has taken place you will be able to go back and access the recording - should you wish to revisit the material discussed.