We can help you manage your capital gains liabilities
Capital gains tax can be complicated, so if there’s anything you’re not sure about, we can help. Depending on your circumstances, we can advise you on reducing or delaying your CGT liability.
Our tax specialists can calculate your current exposure to this tax and then maximise the available reliefs and allowances. We can then discuss your options for reducing or delaying its payment. There are many options to help you manage CGT.
Frequently asked Questions
Usually there are options available when considering how to structure agreements involving the disposal of capital assets. If you speak to us in advance of the transaction then planning opportunities can be identified to reduce the tax resources the retained proceeds.
Basically the proceeds or market value less the marginal cost or market value when required plus the cost of any additions or improvements.
Not necessarily. If there is no capital gains tax payable and the proceeds are below the reporting limit then there is no requirement to put on your tax return.
Providing the detailed criteria are met, a claim for entrepreneurs relief for business assets will reduce the tax payable to 10%.
Certain gifts are eligible for holdover relief which will reduce any capital gains tax payable.
You may be able to claim private residence relief if the contract is structured correctly.
Lettings relief is available where a gain on a property is also eligible for private residence relief.
We work closely with independent financial services division and are able to advise on suitable investments to reduce capital gains tax liabilities.
If the annual exemption isn’t used then unfortunately it can’t be carried forward.
Inter spouse transfers are capital gains tax free and a useful planning tool.
Capital gains are charged at 18% and/or 28% (unless eligible to entrepreneurs relief) dependent upon your taxable income for the year.
If you have more than one property which you occupy it may be worth submitting on election to share private resident relief.
Where sales proceeds are reinvented in further business assets it may be possible to postpone some or all of the tax payable.
If you’d like to talk to us about Capital Gains Tax issues, call us for a confidential no-obligation chat. Our partners are waiting to hear from you.