Tag Archives: capital gains tax

CGT relief from selling the main residence more than 2 years after death

The Australian Taxation Office (ATO) has provided useful guidance and ‘safe harbours’ for when the executors or beneficiaries of a deceased estate can access the Capital Gains Tax (CGT) main residence exemption for a property that was the deceased’s main residence at the time of their death.

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ILN Today Post

Major change to the taxation of commercial property

Radical changes to the taxation of UK real estate were announced in the autumn Budget.

Investment into UK real estate has long had a privileged status, especially for investors based overseas. But over the last few years those tax privileges have been whittled away.

Two years ago the UK extended Capital Gains Tax to individuals and closely held companies owning UK residential property. Last year the UK tax code was amended to make sure that profits from development of UK land were taxed wherever they arose. And in this year’s Budget the Government has announced that with effect from April 2019 offshore investors will pay Capital Gains Tax on their profits from UK commercial real estate.

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BizTips – Bitcoin and other cryptocurrencies: your tax reporting and record-keeping obligations

As cryptocurrencies gather momentum among investors, it is no surprise that both the public and the Australian Taxation Office are turning their thoughts towards those who invest in this digital asset.

It should also come as no surprise that tax is an afterthought for many seeking to jump on board, particularly given the sharp rise in popularity and value of cryptocurrencies.

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ILN Today Post

Transfer of Shares (of a Listed Company) between Non-Residents Exempt from Capital Gains Tax

The Delhi High Court (“DHC”), has in a recent judgment (delivered on February 27, 2013) affirmed the ruling of the Authority for Advance Rulings (“AAR”), delivered on May 2, 2011, stating that income arising out of transfer of a long term capital asset, such capital asset being equity shares of an Indian listed company (where the transaction of sale of such equity shares is chargeable to securities transaction tax), would be exempt from payment of tax in India.

The issue concerning taxation arose when Goodyear Tire and Rubber Company (“GTRC”), a company incorporated under the laws of USA, transferred seventy four (74%) shares of Goodyear India Limited (“GIL”), a public company in India listed on the Bombay Stock Exchange (“BSE”), to its Singapore subsidiary, Goodyear Orient Company (Private) Limited (“GOCPL”) under a share contribution deed without any monetary consideration.

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