Where sales proceeds are reinvented in further business assets it may be possible to postpone some or all of the tax payable.
If you have more than one property which you occupy it may be worth submitting on election to share private resident relief.
Capital gains are charged at 18% and/or 28% (unless eligible to entrepreneurs relief) dependent upon your taxable income for the year.
Inter spouse transfers are capital gains tax free and a useful planning tool.
If the annual exemption isn’t used then unfortunately it can’t be carried forward.
We work closely with independent financial services division and are able to advise on suitable investments to reduce capital gains tax liabilities.
Lettings relief is available where a gain on a property is also eligible for private residence relief.
You may be able to claim private residence relief if the contract is structured correctly.
Certain gifts are eligible for holdover relief which will reduce any capital gains tax payable.
Providing the detailed criteria are met, a claim for entrepreneurs relief for business assets will reduce the tax payable to 10%.