Capital Gains Tax (CGT) is wide ranging and can apply to the disposals of property, businesses, shares and personal possessions. For these purposes, disposing of an asset does not just mean selling it; it also covers gifts, transfers and even swaps of assets.
The CGT legislation is complex and provides for many reliefs and exemptions which can help reduce or even wipe out your liability. We can talk you through these in plain English, prepare computations and calculate any tax that will be payable.
Nobody likes a surprise tax bill and with our help and guidance these surprises can be avoided. We can work with you right from the beginning with advice on the structure and timing of the disposal, through to the end when you report the disposal on your tax return.
For many, Capital Gains Tax is an impenetrable subject that ties their personal or businesses finance in knots. We are here to untangle them and make sure you get the best advice available. Capital Gains Tax is payable to HMRC when an individual, trust or company sells, transfers or gifts property (tangible or intangible) to another entity realising a substantial financial gain.
As with most taxes, there are numerous exemptions and reliefs available, most of which are complex and require specialist advice. That’s where we come in. Some assets are not liable to Capital Gains Tax, whereas others are only liable above a certain value.
There is also an annual allowance, enabling individuals to make small gains on disposals each year without paying any tax at all. If you own anything of value and decide to sell it, you potentially fall within the realms of Capital Gains Tax. If you do not inform HMRC of your disposal, you could also be liable to penalties where HMRC feels it appropriate.