Book Review: Claritax Books Capital Gains Tax annual for 2022-23

 In Book Reviews for Private Client practitioners

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Claritax Capital Gains Tax 2022-23This is a book review by Gill Steel of Claritax Books Capital Gains Tax annual for 2022-23.

Purpose

The team of Andrew Rainford, Lucy Webb and Megan Saksida have fully updated this work for 2022-23. It is aimed at three types of reader: those who work as general practitioner who need an appropriate level of commentary; more specialised tax advisers requiring clear and accurate guidance on a tax topic which may interact with their specialist field and in-house professionals seeking a practical, day-to-day reference work.

Content

There are 18 chapters and six appendices to this work. The first two chapters provide a background to the introduction and application of CGT and compliance.

Chapters 3-6 examine computations in general and then in relation to land, shares and securities and other assets.

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Chapters 7- 14 explore reliefs from CGT. These include Business Asset Disposal relief, Investors’ relief, Private Residence relief, relief under Venture Capital Schemes, Rollover relief, Holdover relief, incorporation of a Business and other reliefs.

Chapters 15-18 take a look at different types of taxpayers: trusts and settlements; deceased estates; partnerships and non-residents.

Most sections end with useful pitfalls and planning points.

Structure & Layout

The book is structured using chapters which have numbered subdivisions for ease of discovery. Where appropriate there are references to legislation and guidance. The use of bullet points, shading and tables makes for a more readable style.

The appendices provide useful checklists for tax rates, exempt assets and gains, reliefs and exemptions, wasting assets; compliance deadlines and penalties and statutory instruments

Tools

A book of this type needs to explain points by the use of examples, and it does not disappoint. There are plenty of examples throughout the book.

Practical explanations are included such as how to become an agent, which records to keep, the best format for records. Most sections conclude with a few paragraphs on the pitfalls of what has gone before together with some useful planning points. For example, in the section on computations reference is made to the need to include all allowable expenditure, not just the original acquisition cost together with incidental costs of acquisition and disposal and enhancement expenditure. On the timing of disposals, it says to remember where a sale is made under contract, it is the date of exchange, not the date of completion, that is treated as the date of disposal.

Clarity & readability

The text is written in straightforward English and due to the structure and layout it is a most readable book.

Relevance to practitioners

Anyone engaged in private client work will appreciate having this book on their shelf as a useful reminder of the many issues arising on handling assets for clients of all sorts. From how their disposal can give rise to a gain to how to compute it and how to mitigate against it.

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