Capital Gains Tax

Capital Gains Tax Advice is a modern day necessity as it’s a tax charge payable on an increase in value on the possessions we own.  These possessions could range from shares to antiques, second homes etc. The tax is payable when you sale or give them away.  

Year on year the capital gains tax allowances and rates vary therefore it is important to seek Capital Gains Tax Advice from a professional Tax Accountant.

The difference in tax rates between UK income tax at 50% and Capital Gains Tax at 18% is unsustainable. Sooner or later the government will seek to close the gap but if only it were entirely that simple. UK Chancellors past and present have for many years been trying to simplify the Capital Gains Tax system only to end up making it more complex.

In capital gains tax planning it is vital to take all taxes into account, not just the one you are trying to avoid! There is no point doing one thing to save inheritance tax if at the same time by taking this action you inadvertently give yourself a capital gains tax liability. Capital gains tax rate is much lower than income tax rate but with careful capital gains tax advice and planning, one can further reduce the CGT bill. There are several ways by which Capital Gains Tax may be reduced, legally of course. This requires good advanced Capital Gains Tax advice and planning, rather than reacting to a tax event. 

Whether you have inherited assets, bought a second home or you have developed an extensive investment portfolio, you will need to consider the Capital Gains Tax (CGT) consequences of a disposal. Professional advice should always be sought before transferring or selling an asset as CGT liabilities can be deferred, mitigated or even prevented with the right planning. The experienced and professional Capital Gains Tax  advisors can guide you through your sometimes complex obligations, provide a personal planning strategy, and ensure that complete compliance with all your legal obligations is ensured.

Most people are aware that gains made on the sale of their own home should be exempt from Capital Gains Tax, but where more than one property is held or occupied, even if one is rented, complications can arise. We can help you identify how to ensure the receipt of the maximum relief.

There are many other issues that will affect the relief that may apply. In addition there will also be a number of tax implications and charges that may be applicable when considering Capital Gains Tax.

Our Capital Gains Tax experts can advise you on:

• Retiring or selling your business – securing benefits from entrepreneur’s relief

• Reinvestment of proceeds already gained into qualifying investments

• Income tax deduction on overlooked relief’s

• The types of relief’s available to you

Contact us today to discuss how you are affected by the implications of UK CGT and how we can help.