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Any Answers Answered: Delaying tax liability

5th Jul 2016
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This month’s instalment in AccountingWEB’s ‘Any Answers Answered’ video series shines a light on delaying tax liability and a capital gains query.

As usual TAXtv hosts Giles Mooney and Tim Good discuss the two Any Answers posts, finding one of the questions “hugely complicated”.

The first question this month comes from AccountingWEB member cde123, on an Any Answers post called ‘Sale proceeds of business in 2 instalments’.

As the question outlines, the client is selling their business, has a capital gain and they’re going to receive the money in two different tax years.

The question is: Is there any way they can structure this so they can pay in instalments and essentially delay the tax liability?

Find out the answer from Mooney and Good in the video below.

The second question, posted by AccountingWEB member Clint Westwood, was not as straightforward as the tax gurus had originally thought.

The post, called ‘Check my (software's) sums?’, is about somebody receiving a chargeable event gain of £50,000 and a capital gain of £20,000.

For the answer in full, and an explanation of ‘top slicing’, watch the TAXtv presenters reveal all in the video below:

For the latest episode of TAXtv visit PTP Interactive. TAXtv is a monthly tax update programme available as an annual subscription from £199, (11 issues plus special editions) to view online, download from the internet or watch on DVD.

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By nogammonsinanundoubledgame
05th Jul 2016 19:38

"Good explained that the question relates to the 2015/16 tax year and therefore the CGT will be 28% for higher rate taxpayers."
This is in fact precisely NOT what Tim Good said. All are agreed that the CGT in the facts stated would be at 18%.

With kind regards
Clint Westwood

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By Tim Vane
06th Jul 2016 02:21

So where's the video?

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Replying to Tim Vane:
By Robert Lovell
06th Jul 2016 09:08

Hi Tim, not sure where the video went - it's back in the article now. Thanks, Rob

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By JCresswellTax
06th Jul 2016 09:27

Love Tim and Giles :)

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