Capital Gains Tax

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.

Accounting For Capital Gains Tax

Complicated and detailed calculations are required in order to finalise how much Capital Gains Tax is payable on the disposal of a particular asset. There are many reliefs and exemptions available which can reduce or eliminate your tax bill and should help ensure you pay the minimum amount of Capital Gains Tax.

We have many years of experience in effective tax planning strategies to protect business and personal assets from the impact of Capital Gains Tax. Our range of Capital Gains Tax services include:

  • Planning How Assets Should be Owned to Maximise CGT Reliefs
  • Planning How to Benefit From Tax Exemptions in Connection With the Sale of Property
  • Pre and Post Residence Planning For Both UK and Non UK Domiciled Clients
  • Planning the Transfer of Assets on a Divorce Situation to Avoid an Unnecessary CGT Expense
  • Maximising Entrepreneurs’ Relief and Rollover Relief and Avoiding Common Pitfalls
  • Advising on Gifts of Assets Between Family and to Charities
  • Negligible Value Claims Including Setting Capital Losses Against Income

Assured Advice You Can Count On

Through a mixture of knowing what deductions can be made in computing the taxable gain, we can make a substantial impact on the actual Capital Gains Tax payable, whether the disposal has been made or is being considered and help negotiate with HMRC in order to achieve the most favourable valuations.

We always agree fees in advance so you never receive a bill you are not expecting.

For further information, please contact us today on 01543 481329 or 07765 404 944. Alternatively, please complete our online enquiry form or email us to;

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