Capital Gains Tax
Along with Inheritance Tax, Capital Gains Tax (CGT) is often referred to as a voluntary tax. With careful CGT advice, it is often possible for individuals and/or trusts to reduce, totally avoid and/or delay payment of CGT.
CGT is a tax on the profit when you sell or give away something (an ‘asset’) that has increased in value. It’s the gain you make that is taxed, not the amount of money you receive.
CGT is currently levied at headline rates of 10%, 20% and 28% after deduction of the annual exemption. We’re expecting this to change (for which read ‘increase’) soon!
Our Capital Gains Tax service includes:
• Calculating potential CGT payable on a disposal
• Advising on reliefs such as entrepreneurs’ relief, principal private residence relief and lettings relief
• Advising whether exemptions are available, including annual exemption, spouse exemption or gifts to charity
• Advising on transferring assets between husband and wife
• Advising on the timing of a disposal
• Advising on the potential CGT payable on a gift
• Disposals of UK property by non-residents
By considering all the above – as well as other factors – we can advise if it is possible to delay or defer the tax liability, sometimes indefinitely.
Did you Know?
If you sell a UK residential property that isn’t your home, you need to make a tax return - and pay the tax due – within 30 days after the completion date!
Better call us soon!
Personal Services:
Income Tax
Income Tax is exactly as it sounds: a ‘tax on your income’. However, not all income is taxable, and even then you are only taxed when you earn above certain levels.
IHT
Contrary to the belief of some, Inheritance Tax (IHT) not only affects the very rich, but other people may be liable without realising.
Estate Planning
Inheritance Tax is no longer confined to the super-rich. If, like many people in the UK, your assets exceed £325,000, being hit with a 40% bill upon inheritance can exacerbate an already stressful time for your loved ones.
Trusts
Creating and maintaining a trust is no easy feat – it’s a roller-coaster ride of legislation changes and tax complications.
