Capital 500

When you hear the 'cash track', text 'CASH' to 83958 for your chance to win the jackpot.

You could be winning some big money, so get ready to play every day along with us.

Capital's cash call: how to enter, and win thousands!

Get ready to shout "capital, give me the cash!"

If you're bank balance is looking anything like ours (on the lighter side), you'd probs be up for winning a load of cash too right? Step forward capital's cash call!

You could be winning some big money, so get ready to play every day along with us.

Every single song we play, we add £200 to the cash prize! Who knows what the total will add up to!

How to enter capital's cash call:

To be in with the chance of winning, you need to listen out for the 'cash track' from a specific artist. Every song you hear up until we play the 'cash track' earns you a hefty £200.

When you hear the 'cash track', text 'CASH' to 83958 for your chance to win the jackpot.

Four songs between the time we tell you which tune to listen out for, and it plays on capital? That's £800 towards a night out-out. 10 songs? That'll be a tasty TWO GRAND in your bank account.

(*texts will cost £1.50 plus your standard network rate, lines close when the song finishes and you have to be over 18 to play. For all the terms and conditions, click here.)

The official site of the mayor of london and the london assembly

Question

The london chamber of commerce and industry (LCCI) published the third quarter results of its capital 500 quarterly economic survey including a conclusion that, 6% of companies decreased investment in plant and equipment, a capital 500 record-low. And that against the backdrop of rising costs and staling investment indicators, the mayor of london should work with business groups to assess the potential impacts of significant new ratings on london businesses across differing boroughs and across various sectors. Will you do so?

Answer

Answer for capital 500 quarterly economic survey (1)

I assume that your question is referring to business rates increases arising from the 2017 business rates revaluation. I am committed to working with the business sector to lobby the government to ensure that investment and growth in london is not affected by the very large rises in bills many ratepayers will see from 1 april 2017.

The government's preferred transitional relief scheme will result in some larger properties in london facing increases in rates bills of nearly 50% as soon as next april - such large increases with only six months' notice are unacceptable.

Once london boroughs and the GLA gain some limited additional control over setting business rates from 2019-20, we will be able to take steps to improve the fairness of the tax - including reviewing the thresholds below which small businesses are exempt from paying business rates as these are the same in london as in the rest of england. I am therefore supportive of the efforts which the federation of small business is undertaking to highlight how small business rates relief could be reformed to take into account london's higher rental levels.

Capital gains tax on property

Capital gains tax is payable on the sale of second homes and buy-to-let property. Find out how much CGT you'll pay.

Do I pay capital gains tax on property?

If you sell a property in the UK, you may need to pay capital gains tax (CGT) on the profits you make.

You generally won't need to pay the tax when selling your main home.

However, you will usually face a CGT bill when selling a buy-to-let property or second home. You may also need to pay CGT if your home is partly used as a business premises, or you lease out part of your property.

Video: how capital gains tax on property works

Our short video explains who needs to pay CGT on property, and what the rates are.

CGT rates on property

In the UK, you pay higher rates of CGT on property than other assets.

Basic-rate taxpayers pay 18% on gains they make when selling property, while higher and additional-rate taxpayers pay 28%.

With other assets, the basic-rate of CGT is 10%, and the higher-rate is 20%.

Bear in mind that any capital gains will be included when working out your tax status for the year, and may push you into a higher bracket.

All taxpayers have an annual CGT allowance, meaning they can earn a certain amount tax-free.

In 2020-21, you can make tax-free capital gains of up to to £12,300 (or up to £12,000 in 2019-20). Couples who jointly own assets can combine this allowance, potentially allowing a gain of £24,600.

You're not allowed to carry this forward, so if you don't use it, you'll lose it.

How much CGT will I pay?

As the name suggests, CGT is only charged on the gains you make, rather than the amount you sell the property for.

To work out your gain, deduct the amount you originally bought the property for from the sales price.

Then deduct any legitimate costs involved with buying and selling, such as broker fees, stamp duty, and improvements to the property while you owned it.

You can also offset losses when selling other assets, and these can be carried forward indefinitely. As such, if you have a property portfolio, and make, say, a £50,000 loss when selling one property, that will increase the tax-free gain you can make when selling another.

You claim your losses via your self assessment tax return, or by calling HMRC. You can claim losses up to four years after they were incurred.

For any taxable gains above the tax-free allowance of £12,300 in 2020-21 (or £12,000 in 2019-20), you'll pay the CGT property rates.

You can find out more in our guide to capital gains tax rates and allowances.

Get a head start on your 2019-20 tax return with the which? Tax calculator. Tot up your tax bill, get tips on where to save and submit your return direct to HMRC with which?.

When is capital gains tax due?

For any property sold during the 2019-20, you'll have until the next self-assessment tax deadline on 31 january 2021 to report the disposal and pay the tax owed.

Anyone who makes a taxable capital gain from UK residential property in the 2020-21 tax year will have to pay the tax owed within 30 days of the completion of the sale or disposal. You'll do this by submitting a 'residential property return' and making a payment on account.

What can I deduct from my taxable gain?

You're allowed to deduct certain costs involved with buying and selling property from your gain when working out your CGT bill. These include:

Solicitors and estate agents' fees

Stamp duty when buying the property.

Costs involved with improving assets, such as paying for an extension, can also be taken into account when working out your taxable gain.

However, you're not allowed to deduct costs involved with the upkeep of a property. You're also not allowed to deduct mortgage interest either (though that can reduce the tax you pay on rental income).

Example of selling a second home

Someone is selling a second home in england for £220,000 after 6 april 2019, after buying it 10 years ago for £120,000. Their taxable income for the year is £25,000.

They've had no work done on the property, but paid £1,000 stamp duty when they bought it, as well as £2,000 for solicitors fees. They will also pay £4,000 in solicitors and estate agent fees when they sell.

Their capital gain is the increase in the property value, or £100,000. After deducting the costs of buying and selling, this comes down to £93,000.

They have no other gains or losses, so can use the full £12,000 CGT allowance against the gain (you'd have £12,300 if the sale takes place in 2020-21). CGT will be due on the remaining £81,000.

They'll pay the 18% basic-rate CGT on £25,000 of this gain. This is because the higher-rate threshold is £50,000, but they've used £25,000 of this on their income for the year.

They'll then pay 28% higher-rate on the rest of their gain (£56,000).

Gain = £100,000 (£220,000, less £120,000 purchase price)

Gain after costs = £93,000 (£100,000, less £7,000 stamp duty, estate agent and solicitors' fees)

Gain after CGT tax-free allowance = £81,000

CGT charged at basic = £4,500 (£25,000 at 18%)

CGT charged at higher rate = £15,680 (£56,000 at 28%)

Total capital gains bill = £20,180

Capital gains tax on your main home

In most cases, you won't need to pay CGT when selling the property you live in, because you will be entitled to 'private residence relief'.

If the property was sold during the 2019-20 tax year, you won't need to pay capital gains tax for the time it was your main residence, plus the past 18 months of ownership (even if you weren't living in the property during those 18 months).

For property sales during 2020-21, this 18 months is reduced to nine months.

People with a disability or those who move into a care home can claim for up to the past 36 months of ownership.

That said, you may have a capital gains tax bill to pay if you:

Develop your home, for example, by converting part of it into flats

Sell part of your garden and your total plot, including the area you're selling, is more than half a hectare (1.2 acres)

Use part of your home exclusively for business

Let out all or part of your home - this doesn’t include having a single lodger if you need are living in the property too

Moved out of your property 18 months or more ago - to move into a partner’s home, for example

Bought a home for the purpose of renovating it and selling it on.

Which property is my main home?

If you use more than one home, you can nominate which will be tax-free. It doesn’t have to be the one where you live most of the time.

Generally, it makes sense to nominate the one expected to make the largest gain when you come to sell it. You have two years from when you get a new home to make the nomination.

Married couples and civil partners can have only one main home between them, but unmarried couples can each nominate a different home.

Remember, you don’t get tax relief if you bought your home just to sell it on and make a gain.

How does letting relief work with CGT?

If you have let out either part or all of your home, a proportion of any gain when you sell it could be taxable. But if you used to live in the property, you may be able to claim letting relief, which will reduce your capital gains tax bill.

Letting relief doesn't apply to buy-to-let investors who let out their properties and never live in them.

For 2020-21 tax returns, lettings relief will only be available for people who were in shared occupancy with their tenant/tenants.

Currently, the amount of letting relief you can claim will be the lowest of either:

The gain you receive from the letting proportion of the home or

The amount of private residence relief you can claim or

£40,000.

It's important to note that you can't claim private residence relief and letting relief for the same period. This means if you are letting the property out when you come to sell, the past 18 months of ownership qualify for private residence relief rather than letting relief.

The exact amount of private residence relief and letting relief you can get depends on the amount you sell the home for.

How letting relief works in 2019-20

Letting relief can feel confusing. This example illustrates how to work out capital gains tax when you sell a home you have been letting out.

John has owned a property for 20 years (240 months) and has decided to sell up.

He lived in the property full time for 12 years (144 months)

He then used it as a second home for four years (48 months)

He then let it out to a tenant for four years (48 months)

He has no spouse or civil partner.

Here's how john works out his capital gains tax bill for a sale in 2019-20.

Profit when john sells	£100,000
private-residence relief (PRR)	144 months (time it was john's main residence) + 18 months = 162 months 162 months out of 240 months = 67.5% 67.5% of £100,000 = £67,500 of profit covered by PRR
letting relief	30 months (48 months john it out - 18 months covered by PRR) 30 months out of 240 months = 12.5% 12.5% of £100,000 = £12,500 of profit covered by letting relief
amount of profit - PRR and letting relief	£100,000 - £67,500 - £12,500 = £20,000
CGT allowance 2019-20	£12,000
taxable amount	£20,000 - £12,000 = £8,000
TOTAL - if john is a basic-rate taxpayer	18% of £8,000 = £1,440 CGT due
TOTAL - if john is a higher-rate taxpayer	28% of £8,000 = £2,240 CGT due

CGT on gifted and inherited homes

Your parents or relatives may want you eventually to have their home. If anyone leaves their home to you in their will, you inherit the property at its market value at the time of death.

There is no capital gains tax payable on death, but the value of the home will be included in the estate (defined as all assets and property minus debts and funeral expenses) and inheritance tax may be payable instead.

If you sell the property without having made it your own home, there could be CGT to pay.

This will be based on the increase in value between the date of death and the date when you sell, minus any associated selling costs.

If you’re given the home during the owner’s lifetime, while they are still living there, this is called a gift with reservation.

Essentially this means it still counts for inheritance tax purposes when the gift giver passes away.

You may have to pay CGT when you eventually sell the home, and the amount will be based on the increase in value between the date they gave you the property (not the date of their death) and the date you sell.

This is the case even though there may also be inheritance tax to pay on the home at the time of death.

Example of CGT on inherited homes

These tables explain what would happen if you inherited your father's home. The first table explains what would happen if it was gifted on death.

The second table explains what would happen if you were given the home 10 years before your father's death, and he continued to live there until he died.

Example 1	amount
value at date of death	£200,000
sold on for	£205,000
selling costs	£3,000
gain	£205,000 - £200,000 - £3,000 = £2,000
CGT allowance	£12,000 for 2019-20, therefore no CGT is due
example 2	amount
value at date of gift	£140,000
sold on for	£205,000
selling costs	£3,000
gain	£205,000 - £140,000 - £3,000 = £62,000
CGT allowance	£12,000
taxable gain	£62,000 - £12,000 = £50,000
tax bill if you're a basic-rate taxpayer	18% on gain that takes you to higher-rate threshold, 28% on amount above this
tax bill if you're a higher-rate taxpayer	28% on gain = 0.28 x £50,000 = £14,000 CGT due

Which other taxes may be due on UK property?

CGT is just one of the taxes that is levied on properties in the UK, charged when you come to sell it.

When you buy a home, you will likely need to pay stamp duty on the purchase price. The amount depends on whether it's your main home or a second home or buy to let investment.

Residents also need to pay council tax, with the amount depending on the property size, location, and a few other factors.

If you're letting out a property, you'll probably need to pay income tax on the rent you get.

And if you leave a property to someone after you pass away, inheritance tax may be charged on some of its value.

The legal 500 > latin america > chile > venture capital

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Venture capital in chile

Tier 1 firms

Carey

Market powerhouse carey developed a specific venture capital (VC) practice group since 2012, and today houses a 17-strong specialist department, including three partners. The practice group has extensive experience in advising both domestic and international VC funds on their formation, with the establishment of effective structures to meet the needs of both investors and organisations that provide financial resources, and with purchases and sales. It also supports start-ups from their initial stages through to internationalisation or sale. Director and vice president of the chilean venture capital association, francisco guzmán, who is admitted to practice in both chile and new york, led over 20 venture capital transactions during 2019. Also key to the group are experienced partners guillermo carey and cristián eyzaguirre.

Practice head(s):

Testimonials

‘it is a very co-ordinated team. Although they work individually, they always keep the rest of the team informed in such a way that when speaking with any of them they are aware of what is being discussed. In the interactions I have had with other firms, the carey team compares very favourably due to its proactivity and interest in delving into each aspect of an assignment.‘

‘given that venture capital is a way of making investments that has been developing for a short time in chile, it is crucial to have legal advisers who have knowledge of how it works, what are the best practices globally, how they are applied to the chilean reality, among other factors. The carey team has extensive knowledge of each of the aspects involved in a venture capital investment and in turn how each of these affects both investors and founders or other shareholders of the companies where they are located. Based on our experience, carey stands above the teams of other firms, which, although they have knowledge of the industry, do not present the same level of command and experience.‘

‘francisco guzmán has in-depth knowledge of venture capital issues and has excellent contacts with the venture capital world. More than being an expert lawyer, he becomes a counsellor on growth, corporate structures inside and outside chile, and IP. In short, he is 100% involved in all aspects of a mandate.‘

Key clients

Chilean venture capital association

Advanced innovation center AIC chile

Fundación ciencia y vida

Work highlights

Advised new zealand-based biotechnology company science haven with the structuring and implementation of a financing round, implemented via convertible notes issued in chile and new zealand.

Acted for frontier car group, and its founders ricardo donoso and ignacio detmer, on a $400m investment by OLX group in the company.

Advised antoni lelo de larrea venture partners, a mexican VC fund, on its investment in chile-based fintual, an online financial adviser and broker-dealer.

Advised aurus ventures III on its investment in chilean company TI mining, which develops software for the management and optimisation of large mining operations.

Advised chilean start-up inti tech, which has developed an autonomous robotic system for dry cleaning photovoltaic power plants, on a round of financing-via-capital by investors engie factory, alaya capital partners and albi investments.

Tier 2 firms

Barros & errázuriz

Practice head(s):

Key clients

Compañía de seguros de vida consorcio nacional de seguros

Inversiones y asesorías as de guía

Work highlights

Advised compañía de seguros de vida consorcio nacional de seguros on a corporate VC investment in fintech company, pagofácil.

Advised fanatiz, a sports channel and video-on-demand streaming platform, on its series A equity financing with 777 partners, a miami-based private investment firm.

Advised zippedi, a chilean technology and robotics company, on a growth convertible notes financing round with several VC funds and high-net-worth individuals.

DLA piper chile

DLA piper chile's predecessor -the former bahamondez, alvarez & zegers- established a specialised VC practice group back in 2008, upon which the international firm has built and grown. Today it is regularly involved in landmark transactions, and has particular technology sector expertise. The team's work includes assisting entrepreneurs with corporate restructuring for financing rounds (including the internationalisation of holding companies), and with the negotiation of financing rounds and exits. It is also experienced in advising investment funds through specialised, start-up-related due diligence work and investment document negotiations. Matías zegers assists clients ranging from start-ups and fast growing, mid-market businesses to global companies. Key support is provided by senior associate jorge timmermann and associate eduardo araya. Since publication, timmermann has been raised to the partnership (effective as of december 2020).

Practice head(s):

Testimonials

‘what caught our attention is the simplicity when dealing with problems that could be complex, thus facilitating the processing of issues and the efficiency of the office. Likewise, whenever we needed speed in legal terms, DLA were always very efficient and quick in their dealings. That is only possible because its features put DLA piper in a different position compared to other law firms.‘

‘these are lawyers who know the industry and work hard to move businesses forward as efficiently as possible.‘

‘A professional, attentive, proactive and very capable team.‘

‘high availability and industry knowledge.‘

‘the collaboration with different parts of the law firm works very well.‘

‘matías zegers is without a doubt one of the best partners with whom I can work. Knowledge of technology and details of the company are essential, so as to be efficient and fast in solving problems in chile.‘

‘matías zegers is the most experienced person you can find in chile to advise on the legal aspects of capital raising processes with venture capital funds. He understands not only the structural processes for chile, but is also prepared for the future.‘

‘matías zegers provides speed and on-the-spot advice.‘

Key clients

Portola growth partners

Work highlights

Advises devlabs on the legal aspects surrounding the administration and operation of administradora devlabs ventures, and its private equity fund FIP chile outlier seed fund I.

Assisted fen ventures, as lead investor, with six series A investment rounds in chilean start-up companies.

Advised odd industries on a series A financing round.

Guerrero olivos

Guerrero olivos has enjoyed significant involvement in the venture capital market for over a decade. The six-strong department advises local and foreign VC investors, start-ups, corporate funds and incubators on the legal structuring of funds and investment vehicles, including corporate venture funds. Other typical work includes assisting with financing rounds, tax structures, future investment rounds, internationalisation procedures, stock option plans, and the registration and protection of IP. In addition, the practice acts on contracts with technological components, such as licensing, distribution, partnership, data protection and cybersecurity issues. Practice head pedro lyon has a particular specialisation in the structuring of private investment funds. However, since publication, it has become public that young partner josefina yávar , also active in the sector, will leave the firm as of 31st december 2020.

Practice head(s):

Testimonials

‘A super team with professionalism and creativity to solve problems that left us amazed.‘

‘these are people with a highly admirable track record.‘

‘we had not had experience working with legal teams in this area. Even so, the experience with guerrero was very good, the solutions proposed for our cap-table problems were very adequate and effective. I think they have great expertise on the realities of companies in the startup phase.’

‘we work with don pedro lyon, martín cox, matías dittborn and josefina yavar. They all showed speed, professionalism and their proposals were guiding and effective.‘

Key clients

Work highlights

Advised wayra, a global technological innovation hub, on its investment in collektia, which develops digital collection methods.

Daily advisory to maneki group, a start-up that has developed a survey app based on cash rewards.

Advised a VC fund on an investment in a start-up which develops hardware-software technology.

Tier 3 firms

Cariola díez pérez-cotapos

The venture capital sphere is a sector that cariola díez pérez-cotapos has developed relatively recently, leveraging off its expertise in related legal areas, such as new technologies, IP, data privacy, and corporate and finance law. Seeking to assist clients from idea-inception through to the generation of successful ventures, the practice advises entrepreneurs and emerging private companies on each growth stage, corporate governance, and long-term service agreements. Rodrigo lavados heads the firm’s IP, technology, privacy, start-up and VC teams, which include experienced associate ernesto eckholt.

Practice head(s):

Key clients

Work highlights

Advised datamart on a funding round, which included its complete restructuring, corporate governance updating and the issuing of new stock.

CMS carey & allende

CMS carey & allende's three-strong team is experienced in advising the IT start-up industry on crowdfunding and regulatory issues. In october 2019, the firm, together with other CMS ' other regional offices, launched a first-of-its-kind global legal accelerator programme, equip, which is designed to nurture the development of tech start-ups across the region (and beyond). As part of the programme, the firm provides start-ups with access to investors, exclusive training and mentoring opportunities, and an active peer network. Diego rodríguez's practice focuses primarily on the IT sector.

Practice head(s):

Testimonials

‘very good team. They know about financial technology and add value to the association.‘

‘future vision. They do not stay with the norm, but propose interesting things to make the fintech ecosystem evolve.‘

Key clients

Work highlights

Advised fintechile, an association that represents fin-tech start-ups, on negotiations before the regulators and in relation to a new legal framework to regulate and promote the development of chile’s fin-tech sector.

Flores acevedo

Founded in 2005 in concepción, flores y asociados established its presence in santiago in 2007. The practice acts primarily for start-ups that receive early seed funding from public subsidies, predominantly the country's production development corporation (CORFO), and are part of key business incubators and accelerators in chile, such as start-up chile and imagine lab chile. The practice also assists entrepreneurs, inventors, companies, and research and development centres with their legal requirements. Pablo acevedo álvarez is a founding partner and director of the santiago office, where he is the key partner for VC-related deals.

Practice head(s):

Other key lawyers:

Testimonials

‘the communication of the teams was optimal as well as the transparency in terms of what was related to the client. A go-to firm for the issues associated with venture capital managers.‘

‘highly rated for its availability and willingness to meet clients’ requirements, technical capacity, and supportive resolution of problems.‘

‘the team has full knowledge of the venture capital space, both in chile and outside of chile. They have responded to the strictest demands we have placed on them.‘

‘the firm’s service felt tailor-made to our needs and also to our budget. We expect to continue to collaborate in the following years, with them as our main firm.‘

‘they specialise in technological small-to-medium companies, entrepreneurship, international business, and growth, and they have been able to attend to all our concerns, and even refer us to other international firms when specific overseas guidance has been needed. One aspect that stands out is that they not only do what we ask them to do, but also give guidance and strategic advice on all points, which has been of tremendous help when we have come across topics that are new to our firm.‘

‘flores y asociados, through pablo acevedo álvarez, does a very professional job. He is very good, and appreciated for his honesty, knowledge, transparency and kindness with clients and counterparts. He is not an aggressive lawyer.‘

‘our direct contact has been with one of the partners, pablo acevedo álvarez, whose vast knowledge of diverse fields, such as IP, entrepreneurship, technology, corporate law, commercial partnerships, and human resources were very useful to us, since our main concerns were spread among different areas.‘

The legal 500 > asia pacific > thailand > capital markets

Coverage by practice area thailand

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Capital markets in thailand

Tier 1 firms

Allen & overy (thailand) co, ltd

Allen & overy (thailand) co, ltd covers the full range of equity capital markets transactions including ipos, secondary offerings, block trades, and rights issues. Suparerk auychai leads the team; his specialisms are in advising on securities-related law as well as privatisations with sector expertise in financial services, healthcare and insurance. Stephen jaggs co-leads alongside auychai and is noted for his banking expertise. Noparat kaewsringarm handles both equity and debt capital market transactions while doungporn prasertsomsuk advises clients on local and cross-border debt and equity securities offerings.

Practice head(s):

Other key lawyers:

Key clients

Bualuang securities public company limited

Phatra securities public company limited

Kasikorn securities public company limited

Trinity securities company limited

SCB securities company limited

Bank of america merrill lynch

Finansa securities company limited

BTS rail mass transit growth infrastructure fund

Bangkok bank public company limited

Bank of ayudhya public company limited

Ministry of finance of the lao people’s democratic republic

Thai union group public company limited

EASY BUY public company limited

Baker mckenzie LLP

Baker mckenzie LLP is highly active in the capital markets space; its work includes derivatives transactions and cross-border matters. The firm's industry expertise spans the technology, manufacturing, transportation and healthcare sectors. The equity capital markets team is led by kitipong urapeepatanapong, who, alongside theppachol kosol and thananan sangnuan, advises on IPO's and domestic and international offerings. On the debt capital markets side expertise is provided by viroj piyawattanametha who acts for financial institutions, banks and securities companies in their capacity as underwriters.

Practice head(s):

Other key lawyers:

Key clients

S hotels and resorts public company limited

Innospace (thailand) co., ltd.

Kasikornbank public company limited

MK restaurant group public company limited

PTT global chemical public company limited

Nexif energy management pte. Ltd.

Energy absolute public company limited

TMB bank public company limited

Bangchak corporation public company limited

True corporation public company limited (TRUE)

HKL (thai developments) limited

Charernkit enterprise co., ltd.

Glow energy public company limited

Srisawad corporation public company limited

Work highlights

Acted as thai legal counsels for KASIKORNBANK PUBLIC COMPANY LIMITED (kbank), through its hong kong branch in its issuance of USD denominated subordinated notes with a USD 800 million principal amount under its euro medium term note program.

Advised S hotels and resorts public company limited on its initial public offering of 1.437 million shares in the stock exchange of thailand, with the value of THB 7.475 billion (approx. USD260 million).

Advised global power synergy public company limited, the major shareholder of glow energy public company limited (holding 95.25% of the shares) in launching a tender offer with a total value of THB6.314 billion (approx. USD 203 million).

Linklaters

Linklaters's practice group covers the full spectrum of capital markets work. The team has, of late, worked on convertible bonds and exchangeable bonds issued by thai-listed companies. Wilailuk okanurak and pornpan chayasuntorn co- lead the team. Okanurak is experienced in a range of matters including work on ipos, rights offerings, and placements of shares. Chayasuntorn manages both debt and equity capital markets work. The firm has been involved in some of thailand's largest IPO's and is also able to advise on UK and US law through a global network of offices.

Practice head(s):

Testimonials

‘linklaters is our go to firm for capital markets practice. The lawyers are experienced and highly personable. Solution centric approach makes it stand out from other firms.’

Key clients

Bank of america merrill lynch

BSS holdings company limited

Digital telecommunications infrastructure fund

Gulf energy development plc.

Merrill lynch far east limited

Morgan stanley asia limited

Bualuang securities company limited

Charoen pokphand foods plc.

Chia tai enterprises international limited

C.P. Pokphand company limited

Japan bank for international cooperation (JBIC)

Finansa securities limited

The siam commercial bank plc.

SSG capital management (HK) limited

Standard chartered bank

The hongkong and shanghai banking corporation limited

Work highlights

Advising ING bank N.V. In its subscription of a majority interest in TMB bank public company limited (TMB) as part of the business integration between TMB and thanachart bank public company limited (tbank), leading commercial banks in thailand (merged bank), and the entry into the shareholders’ agreement amongst ING bank N.V. And other major shareholders of merged bank.

Advising the escrow agent on the THB 78bn IPO of central retail corporation public company limited – thailand’s largest IPO.

Acted for the joint lead managers and dealers on the establishment of a US$3bn GMTN program by PTTEP treasury center company limited and its subsequent drawdowns of US$650m 3.903% guaranteed senior notes due 2059 and US$350m 2.993% guaranteed senior notes due 2030.

Weerawong, chinnavat & partners

Weerawong, chinnavat & partners acts on a range of debt, equity and derivatives matters in the domestic and international markets for issuers, underwriters, investors and corporate trustees. The firm is active in international securities transactions as well as in the issuance of thai financial instruments.Veeranuch thammavaranucupt leads the team. Her broad expertise includes handling major offerings in the APAC region and advising on corporate restructuring and offering of shares under SEC regulations. Senior associate trinuch chuenchomlada has assisted on several matters in the real estate and consumer sectors.

Practice head(s):

Other key lawyers:

Key clients

Asset world public company limited

CPN retail growth leasehold property fund

True properties; origin property

TOA paint; do day dream; zen corporation

Siam commercial bank; credit suisse; macquarie bank; bangkok bank; krungthai asset management; citigroup global markets limited, the hongkong and shanghai banking corporation limited, ING bank N.V., singapore branch

PTT public company limited, PTT exploration and production public company limited, sermsang power; TPI polene power

Credit guarantee and investment facility (asian development bank)

Jasmine international public company limited

Tier 2 firms

Hunton andrews kurth LLP

Hunton andrews kurth LLP is active in asset-backed securities, real estate capital markets and specialty finance sectors. Stephen john bennett, who co-leads the team, has expertise in securities offerings and acquisition financing - he has several decades of experience in the thai market. Co-team head, counsel yaowarote klinboon provides advice on financial services and capital markets and securities. She works with issuers and underwriters on international and domestic offerings of equity and debt instruments.

Practice head(s):

Key clients

Jpmorgan securities (thailand) limited

International finance corporation

Absolute clean energy public company limited

G steel public company limited

Work highlights

Advised JPMST, a subsidiary of jpmorgan chase & co., on its first derivative warrants issuance in thailand with more than 700 derivative warrants issued and total offering value of more than US$300 million at the end of 2019.

Advised IFC on the US$220 million of subscription by IFC and DEG for thailand’s first “women entrepreneurs” bond issued by bank of ayudhya public company limited, the first “gender” bond issuance in the asia-pacific region.

Advised ACE, one of ASEAN’s leading renewable energy power producers on the issuance and listing of its IPO worth THB4.47 billion or approximately USD 147 million on the stock exchange of thailand in november 2019.

Tier 3 firms

Siam premier international law office limited

Siam premier international law office limited's capital markets practice covers matters such as derivatives, financial regulation as well as ipos and secondary offerings. Kulkanist khamsirivatchara; linda osathaworanan are jointly leading the team. Together they provide expertise in securities and stock exchange laws and private company to public company conversion.

Practice head(s):

Key clients

Nutrition sc company limited

Cube real property co., ltd

Haadthip public company limited

Kang yong electric public company limited

Work highlights

Assisted nutrition sc company limited, the leading company in innovative foods ingredients and food additive solutions in preparing the documents in relation to a share swap.

Assisted cube real property co., ltd in preparing the public auction shares of the company.

Assisted haadthip public company limited in providing legal advice and drafting master agreement of subscription of E-SOP shares, coordinating with SEC including providing relevant legal advice through the process.

Tilleke & gibbins

Tilleke & gibbins undertakes a diverse range of capital markets matters including securities regulatory matters, derivatives and financial restructuring. Head of the corporate and commercial group kobkit thienpreecha leads the team, providing expertise on investment funds and IPO's for domestic and internationally-based clients. Santhapat periera, a banking and financing expert, co-leads the team and advises on all forms of financial instruments.

Capital gains tax allowances and rates

You can earn thousands of pounds tax-free when you sell something for a profit. Find out about capital gains tax allowances and CGT rates for 2019-20 and 2020-21.

Capital gains tax rates for 2019-20 and 2020-21

There are two different rates of CGT - one for property and one for other assets.

How much you pay will depend on the asset you've made a profit on and your tax band.

Tax bracket	CGT rate on assets	CGT rate on property
basic-rate payer	10%	18%
higher or additional-rate payer	20%	28%

CGT allowance for 2019-20 and 2020-21

The capital gains tax allowance in 2020-21 is £12,300, up from £12,000 in 2019-20.

This is the amount of profit you can make from an asset this tax year before any tax is payable.

If your assets are owned jointly with another person, you can use both of your allowances, which can effectively double the amount you can make before CGT is due.

If you are married or in a civil partnership, you are free to transfer assets to each other without any CGT being charged.

The table below explains your CGT allowance for the tax years 2020-21 and 2019-20.

Tax year	2019-20	2020-21
CGT allowance for an individual	£12,000	£12,300
couple's allowance (married or in a civil partnership only)	£24,000	£24,600

However, if you choose to transfer any of your assets to your partner, bear in mind that if you later sell the asset, you'll be charged based on the gain made during the period it was owned by you as a couple, rather than since the asset was passed to your partner.

If you don't make full use of your CGT allowance in a given tax year, you aren't allowed to carry it forward to the next.

Get a headstart on your 2019-20 tax return with the which? Tax calculator - tot up your bill and submit directly to HMRC.

When do you need to pay CGT?

You need to have made a certain amount of profit on your items to be taxed on them. This amount depends on whether you're a basic-rate or higher-rate taxpayer, and what the current tax-free allowance is for the tax year.

Typical investments that you might have to pay capital gains on include:

You don't have to pay CGT if you sell a car, or if you make a profit on selling your own home.

How do you calculate your CGT bill?

If your income makes you a basic-rate (20%) taxpayer, but you have made large enough capital gain to push you into a higher-rate tax bracket, you will pay the higher rate of CGT on the amount that takes you over the threshold.

Step 1

Work out how much taxable income you've earned from your salary, pension or other types of income.

You can do this by deducting your tax-free personal allowance (£12,500 in 2020-21 and 2019-20) from your total income.

Step 2

Calculate your taxable capital gain by deducting the tax-free CGT allowance (£12,300 in 2020-21; £12,000 in 2019-20) from your profits.

You'll only pay CGT on the gain you make from an asset, rather than the sale price.

That means you're allowed to deduct the price you originally paid for it, as well as any additional costs involved with buying and selling it.

You're also allowed to deduct the costs of improving assets, but not the costs of maintaining them (though if you rent them out, maintenance costs may be deductible against any income tax you are charged from the rental income).

Step 3

Add your taxable capital gain to your taxable income.

For a basic-rate taxpayer, the maximum taxable income you can earn is £37,500 in 2020-21 (the same as in 2019-20) before you start paying the higher rate.

With the tax-free personal allowance, most people can earn £50,000 before they start paying the higher rate. Note that some higher earners will start paying the higher rate earlier, as they start to lose their personal allowance if they earn more than £100,000.

And also note that if you receive the marriage allowance, this will increase the amount you can earn tax-free, but you'll still start paying the higher rate at £50,000.

If your taxable income and your taxable capital gain added together is less than £37,500, you’ll pay basic-rate CGT (10% on most investments, 18% on second homes).

If the two figures added together put you over a higher tax threshold, you’ll pay the basic-rate (10% or 18%) on the part up to the threshold, and the higher rate (20% or 28% for second homes) on the rest.

Note that if you're in scotland, capital gains tax is calculated on the UK thresholds (as above), rather than on the scottish income tax bands. That raises the possibility that you could be a higher-rate scottish taxpayer, but still pay the basic rate on capital gains.

How to calculate capital gains tax: an example

This can be complicated to work out, so we'd recommend getting specialist advice, particularly if your circumstances mean a capital gain pushes your income into a higher tax bracket.

But, to provide an explanation of how this kind of tax can work, we've provided a simplified example:

Say your taxable income (that is, what's left after deducting the personal allowance) is £20,000, and your taxable gains are £12,600 - none of which are from property.

After taking away the CGT allowance of £12,300 for 2020-21, you're left with £300 that you'll need to pay tax on.

Add this £300 to your taxable income, bringing it up to £20,300. This is still below the higher-rate threshold, meaning you'll pay 10% on the capital gains. Therefore, your CGT bill would be £30.

If you're not sure what your profit is, see our guide on how to calculate your capital gains tax.

Deducting losses from your CGT bill

CGT is charged on your total gains each tax year. So if you make a profit when selling one item, but a loss when selling another, you can deduct the loss from the gain before working out how much tax you owe.

While you can't carry forward any unused allowances, you are allowed to carry forward any losses that haven't been used to offset gains.

Even if you don't owe any CGT, it's important to submit details of losses in your tax return to make it easier to offset them against a potential gain in future years.

When is your payment due?

You can report capital gains to HMRC via the report capital gains tax online service from the government.

If you usually fill in a tax return, you must also report any capital gains, regardless of whether you've already used the online service.

You also need to include how you worked out each capital gain. If you have lost money through an investment (for example, selling a second home at a loss) you should also include this on your tax return.

As of 6 april 2020, any sales of property that generate a CGT bill must be paid within 30 days by submitting a property return directly to HMRC.

Property sales before 6 april 2020 come under the old rules, where any CGT due on the sale of property is payable by 31 january after the end of the tax year in which the sale occurred, which will generally be the same date you file your tax return.

What profits are tax-free?

You don’t have to pay tax on all capital gains. Those listed below are tax-free:

Capital gains tax on cars

Capital gains tax on gifts to spouses or charity

Gifts between husband and wife or registered civil partners, although tax may be due later if the new owner sells the item

Gifts to charities

Capital gains tax on property sales

The sale of your only or main home

The sale of a buy-to-let or second home which was your main home within the past 18 months

Find out more in our CGT on property sales guide.

Capital gains tax on personal possessions

Personal possessions (sometimes called personal ‘chattels’) such as antiques, worth no more than £6,000. If you sell a set (of chairs, for example), the £6,000 limit applies to the set, not each item.

Possessions with a useful life of 50 years or less (known as 'wasting assets'), for example, a boat.

Find out more in our CGT and possessions guide

Capital gains tax (CGT) on financial products

Betting, pools and lottery winnings

Isas or peps

UK government gilts and premium bonds

National savings & investments products pensions and child trust funds

Proceeds from life insurance policies, unless bought second-hand

Most corporate and local authority bonds you’ve owned directly (rather than holding them in an investment fund)

Building society permanent interest-bearing shares (pibs) and sharia-compliant equivalents

Shares while held in approved share incentive plans through your employment

Some schemes to encourage investment in new and growing businesses

Capital gains tax (CGT) and inheritance

How can you cut your CGT bill?

If you'd like to minimise the amount of CGT you need to pay, you may consider the following tips.

Consider transferring assets into joint names if you're married or in a civil partnership. By transferring an asset into joint ownership, you can both make use of your tax-free allowance so that up to £24,600 of any gain is tax-free in 2020-21 (£24,000 for 2019-20). But the transfer to your spouse or partner must be a genuine outright gift.

Investing in paintings, antiques and other collectables can be tax-efficient, especially where they are not treated as a set and so can be sold piece by piece, with each item qualifying for the £6,000 exemption.

Unmarried partners can each nominate a different property as their main home. You can then benefit from tax relief on both. Married couples and civil partners must choose just one, however.

If possible, live in a property before letting it out. If the property is your main home for a time period before you sell it, you can potentially reduce the CGT bill when you eventually sell it. See our guide to capital gains tax and property.

If you immediately sell employee shares that you get through a save-as-you-earn (SAYE) share option scheme, company share option scheme or enterprise management incentive scheme, you may have a CGT bill. Instead, consider selling in several tranches so that each year’s gain is within your annual tax-free allowance.

If you get shares through a SAYE share option scheme or a share incentive plan, you have 90 days to transfer them tax-free to an isa or pension. Gains when you eventually sell will then be tax-free.

Nominate a good cause and get cash

In times like these, looking out for each other, giving when we can, and random acts of kindness are now more important than ever. And we want to start talking, continue listening, and join in with spreading some of that much-needed positivity.

This winter, we want to give back. But we also want to reward you guys! So, we've teamed up with giffgaff to give you the chance to nominate a cause or community project that you're passionate about, and also get some extra cash for yourself.

Keep scrolling to learn more and to find out how to get involved.

Give back with giffgaff
and capital

As part of their continued commitment to refurbishing, recycling and gifting old phones for good, giffgaff has joined up with capital to give back even more. As well as giffgaff giving you cash to recycle old phones (also great for the planet), and the option to donate the value to those in need, for the next year they are also promising even more!

For the next year we want to support communities across the UK as much as we can – and we'd love for you to get involved.

So, starting this winter, we are going to give away £500 each month to a cause of your choice, plus £500 for you too! Together, we can make a real difference.

Giffgaff – the mobile network run by you

Hiya. We're giffgaff. A mobile network that keeps things nice and flexible. We don't do contracts and you can change your monthly plan wherever you like.

Community is at the heart of everything we do. And right now, our focus is on reducing waste and getting old phones back into circulation. Did you know, there's over 55 million phones in the UK sitting around in our drawers? Think about all that untapped potential, and opportunity to unlock value! Now think about how glorious it'd be to do something about it, together.

So we're asking you to have a good ole' rummage for any old or unused phones and do one of the following:

• refurbish your phone
• recycle your phone
• gift for good

We believe every small change can make a big impact, so if you get involved you'll help create a more sustainable environment for us all. Out with the old, now let's do something new.

Refurbish, recycle, give back

Refurbish your phone

See if you can trade in your phone with us. We'll give it a tidy up and find it a happy home. And you’ll even get some cash in return. Win-win.

Recycle your phone

With our friends at recycle your electricals, we'll help you find the nearest place to responsibly recycle your phone and other gadgets.

Gift for good

When you sell your phone with giffgaff, you can choose to donate part or all of the value to a lovely charitable cause. With the neighbourly foundation, your money will help support local communities.

Our projects

As part of their continued commitment to 'give back', giffgaff have partnered with the neighbourly foundation to give vital support to grassroots causes this winter.

BASIS

The blind and sight impaired society have recently set up a befriending scheme which matches volunteers with visually impaired people in the community in order for them to spend around an hour a week together helping with a multitude of activities. BASIS promotes independence and reduces isolation within the community for visually impaired adults and their families in south essex.

Opening doors london

Opening doors london supports the older LGBT* community, helping them to live full, vibrant and respected lives free from loneliness, isolation, discrimination and prejudice. They are the biggest UK charity working with and for LGBT+ people over 50, and deliver activities, befriending, training and increasing LGBT+ visibility daily.

Home start

Home-start is a local community network of trained volunteers and expert support helping families with young children through their challenging times. They are there for parents when they need them the most - because childhood can’t wait.

Re-engage

Re-engage is dedicated to fighting loneliness in old age. We help those most vulnerable to loneliness: people aged 75+ who live alone. No older person should feel alone during these times. Re-engage are determined to help as many as possible.

Nilaari

Nilaari is a BAME (black, asian and minority ethnic) led mental health service, delivering culturally appropriate counselling and therapies, social care support and advocacy, to BAME individuals and families across bristol city and beyond. As a street level agency in the heart of the most ethnically diverse ward in bristol, one of their key strengths is their local knowledge and understanding of diversity. They are specialists at working in culturally appropriate ways especially with those individuals often described as ‘hard to reach’. Nilaari’s services are available to ALL communities across bristol.

Let’s eat together

Let’s eat together exists, on the one hand, to support the vision of superstores to reduce, by one half, the amount of food wasted in their stores, and on the other, to pass on good food to the elderly, vulnerable and needy individuals and families in our parish (sighthill, parkhead, the calders and sighthill industrial estate) and beyond. We are keen to use our church premises as a hub for sharing food in respectful ways, reducing waste, encouraging connection, and promoting a sense of communalism.

Home point capital announces offering of $500 million of senior notes

ANN ARBOR, mich. , jan. 12, 2021 /prnewswire/ -- home point capital inc. ("home point capital"), the parent entity of homepoint, today announced that it intends to offer in a private placement (the "offering") $500 million aggregate principal amount of senior notes due 2026 (the "notes"), subject to market conditions.

The notes will be guaranteed by certain of home point capital's wholly owned domestic restricted subsidiaries, including homepoint. Home point capital intends to use up to 50% of the net proceeds from the offering (but in any event not to exceed $250 million ) to fund a distribution to its owners following the closing of the offering and the remainder to repay outstanding amounts under its mortgage servicing rights financing facility.

The notes and the related guarantees will be offered and sold only to persons reasonably believed to be qualified institutional buyers in reliance on rule 144A under the securities act of 1933, as amended (the "securities act") and to certain non-U.S. Persons in transactions outside the united states in reliance on regulation S under the securities act. The notes and related guarantees have not been and will not be registered under the securities act or the securities laws of any state or other jurisdiction, and may not be offered or sold in the united states without registration or an applicable exemption from the registration requirements of the securities act and applicable state securities or blue sky and foreign securities laws.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About home point capital
home point capital is evolving the homebuying and home ownership experience. Home point capital's primary business entity, home point financial corporation, is a leading mortgage originator and servicer focused on driving financially healthy and successful homeownership. Through additional wholly owned subsidiaries home point mortgage acceptance corporation and home point asset management, the company supports sustainable homeownership as a crucial element of each consumer's broader journey towards financial security and well-being, delivering a seamless and less stressful homebuying experience.

Founded in 2015 and headquartered in ann arbor, michigan , homepoint works closely with a nationwide network of more than 5,500 mortgage broker and correspondent partners with deep knowledge and expertise about the communities and customers they serve. Today, homepoint is the nation's third-largest wholesale mortgage lender and the 10th-largest non-bank mortgage lender.

Home point financial corporation d/b/a homepoint. NMLS no. 7706 (for licensing information, go to: nmlsconsumeraccess.Org). Home point financial corporation does not conduct business under the name, "homepoint" in IL, KY, LA, MD, NY, or WY. In these states, the company conducts business under the full legal name, home point financial corporation. 2211 old earhart road, suite 250, ann arbor, MI 48105. Toll-free tel: 888-616-6866.

Forward looking statements
the statements contained in this press release that are not historical facts are forward-looking statements. These forward-looking statements are based on home point capital's current expectations and are not guarantees of future performance. The forward-looking statements are subject to various risks, uncertainties, assumptions or changes in circumstances that are difficult to predict or quantify. Actual results may differ materially from these expectations due to changes in global, regional or local economic, business, competitive, market, regulatory and other factors, many of which are beyond home point capital's control. Any forward-looking statement in this press release speaks only as of the date of this release. Home point capital undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable securities laws.

Home point capital:
brad pettiford
[email protected]

Haven tower for home point capital:
[email protected]

Capital gains tax on property

Capital gains tax is payable on the sale of second homes and buy-to-let property. Find out how much CGT you'll pay.

Do I pay capital gains tax on property?

If you sell a property in the UK, you may need to pay capital gains tax (CGT) on the profits you make.

You generally won't need to pay the tax when selling your main home.

Video: how capital gains tax on property works

Our short video explains who needs to pay CGT on property, and what the rates are.

CGT rates on property

In the UK, you pay higher rates of CGT on property than other assets.

Basic-rate taxpayers pay 18% on gains they make when selling property, while higher and additional-rate taxpayers pay 28%.

With other assets, the basic-rate of CGT is 10%, and the higher-rate is 20%.

Bear in mind that any capital gains will be included when working out your tax status for the year, and may push you into a higher bracket.

All taxpayers have an annual CGT allowance, meaning they can earn a certain amount tax-free.

You're not allowed to carry this forward, so if you don't use it, you'll lose it.

How much CGT will I pay?

As the name suggests, CGT is only charged on the gains you make, rather than the amount you sell the property for.

To work out your gain, deduct the amount you originally bought the property for from the sales price.

Then deduct any legitimate costs involved with buying and selling, such as broker fees, stamp duty, and improvements to the property while you owned it.

You claim your losses via your self assessment tax return, or by calling HMRC. You can claim losses up to four years after they were incurred.

For any taxable gains above the tax-free allowance of £12,300 in 2020-21 (or £12,000 in 2019-20), you'll pay the CGT property rates.

You can find out more in our guide to capital gains tax rates and allowances.

Get a head start on your 2019-20 tax return with the which? Tax calculator. Tot up your tax bill, get tips on where to save and submit your return direct to HMRC with which?.

When is capital gains tax due?

For any property sold during the 2019-20, you'll have until the next self-assessment tax deadline on 31 january 2021 to report the disposal and pay the tax owed.

What can I deduct from my taxable gain?

You're allowed to deduct certain costs involved with buying and selling property from your gain when working out your CGT bill. These include:

Solicitors and estate agents' fees

Stamp duty when buying the property.

Costs involved with improving assets, such as paying for an extension, can also be taken into account when working out your taxable gain.

Example of selling a second home

Someone is selling a second home in england for £220,000 after 6 april 2019, after buying it 10 years ago for £120,000. Their taxable income for the year is £25,000.

Their capital gain is the increase in the property value, or £100,000. After deducting the costs of buying and selling, this comes down to £93,000.

They have no other gains or losses, so can use the full £12,000 CGT allowance against the gain (you'd have £12,300 if the sale takes place in 2020-21). CGT will be due on the remaining £81,000.

They'll pay the 18% basic-rate CGT on £25,000 of this gain. This is because the higher-rate threshold is £50,000, but they've used £25,000 of this on their income for the year.

They'll then pay 28% higher-rate on the rest of their gain (£56,000).

Gain = £100,000 (£220,000, less £120,000 purchase price)

Gain after costs = £93,000 (£100,000, less £7,000 stamp duty, estate agent and solicitors' fees)

Gain after CGT tax-free allowance = £81,000

CGT charged at basic = £4,500 (£25,000 at 18%)

CGT charged at higher rate = £15,680 (£56,000 at 28%)

Total capital gains bill = £20,180

Capital gains tax on your main home

In most cases, you won't need to pay CGT when selling the property you live in, because you will be entitled to 'private residence relief'.

For property sales during 2020-21, this 18 months is reduced to nine months.

People with a disability or those who move into a care home can claim for up to the past 36 months of ownership.

That said, you may have a capital gains tax bill to pay if you:

Develop your home, for example, by converting part of it into flats

Sell part of your garden and your total plot, including the area you're selling, is more than half a hectare (1.2 acres)

Use part of your home exclusively for business

Let out all or part of your home - this doesn’t include having a single lodger if you need are living in the property too

Moved out of your property 18 months or more ago - to move into a partner’s home, for example

Bought a home for the purpose of renovating it and selling it on.

Which property is my main home?

If you use more than one home, you can nominate which will be tax-free. It doesn’t have to be the one where you live most of the time.

Generally, it makes sense to nominate the one expected to make the largest gain when you come to sell it. You have two years from when you get a new home to make the nomination.

Married couples and civil partners can have only one main home between them, but unmarried couples can each nominate a different home.

Remember, you don’t get tax relief if you bought your home just to sell it on and make a gain.

How does letting relief work with CGT?

Letting relief doesn't apply to buy-to-let investors who let out their properties and never live in them.

For 2020-21 tax returns, lettings relief will only be available for people who were in shared occupancy with their tenant/tenants.

Currently, the amount of letting relief you can claim will be the lowest of either:

The gain you receive from the letting proportion of the home or

The amount of private residence relief you can claim or

£40,000.

The exact amount of private residence relief and letting relief you can get depends on the amount you sell the home for.

How letting relief works in 2019-20

Letting relief can feel confusing. This example illustrates how to work out capital gains tax when you sell a home you have been letting out.

John has owned a property for 20 years (240 months) and has decided to sell up.

He lived in the property full time for 12 years (144 months)

He then used it as a second home for four years (48 months)

He then let it out to a tenant for four years (48 months)

He has no spouse or civil partner.

Here's how john works out his capital gains tax bill for a sale in 2019-20.

Profit when john sells	£100,000
private-residence relief (PRR)	144 months (time it was john's main residence) + 18 months = 162 months 162 months out of 240 months = 67.5% 67.5% of £100,000 = £67,500 of profit covered by PRR
letting relief	30 months (48 months john it out - 18 months covered by PRR) 30 months out of 240 months = 12.5% 12.5% of £100,000 = £12,500 of profit covered by letting relief
amount of profit - PRR and letting relief	£100,000 - £67,500 - £12,500 = £20,000
CGT allowance 2019-20	£12,000
taxable amount	£20,000 - £12,000 = £8,000
TOTAL - if john is a basic-rate taxpayer	18% of £8,000 = £1,440 CGT due
TOTAL - if john is a higher-rate taxpayer	28% of £8,000 = £2,240 CGT due

CGT on gifted and inherited homes

Your parents or relatives may want you eventually to have their home. If anyone leaves their home to you in their will, you inherit the property at its market value at the time of death.

If you sell the property without having made it your own home, there could be CGT to pay.

This will be based on the increase in value between the date of death and the date when you sell, minus any associated selling costs.

If you’re given the home during the owner’s lifetime, while they are still living there, this is called a gift with reservation.

Essentially this means it still counts for inheritance tax purposes when the gift giver passes away.

This is the case even though there may also be inheritance tax to pay on the home at the time of death.

Example of CGT on inherited homes

These tables explain what would happen if you inherited your father's home. The first table explains what would happen if it was gifted on death.

The second table explains what would happen if you were given the home 10 years before your father's death, and he continued to live there until he died.

Example 1	amount
value at date of death	£200,000
sold on for	£205,000
selling costs	£3,000
gain	£205,000 - £200,000 - £3,000 = £2,000
CGT allowance	£12,000 for 2019-20, therefore no CGT is due
example 2	amount
value at date of gift	£140,000
sold on for	£205,000
selling costs	£3,000
gain	£205,000 - £140,000 - £3,000 = £62,000
CGT allowance	£12,000
taxable gain	£62,000 - £12,000 = £50,000
tax bill if you're a basic-rate taxpayer	18% on gain that takes you to higher-rate threshold, 28% on amount above this
tax bill if you're a higher-rate taxpayer	28% on gain = 0.28 x £50,000 = £14,000 CGT due

Which other taxes may be due on UK property?

CGT is just one of the taxes that is levied on properties in the UK, charged when you come to sell it.

When you buy a home, you will likely need to pay stamp duty on the purchase price. The amount depends on whether it's your main home or a second home or buy to let investment.

Residents also need to pay council tax, with the amount depending on the property size, location, and a few other factors.

If you're letting out a property, you'll probably need to pay income tax on the rent you get.

And if you leave a property to someone after you pass away, inheritance tax may be charged on some of its value.

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