Capital Gains Tax
Capital Gains Tax (CGT) is a tax charged on individuals (and Trusts) on gains arising on the disposal or gift of assets. As with most taxes, there are a range of exemptions and reliefs available which can significantly reduce the CGT payable. However, most of these exemptions and reliefs are complex both in terms of how they are applied and the qualifying criteria. It is therefore essential that you seek specialist advice if you dispose of an asset on which a capital gain has arisen.
We have a wealth of experience in dealing with capital gains planning and compliance and can assist you with the calculation of capital gains tax. Over the years there have been a number of changes to the way in which capital gains tax is charged and to the reliefs which are available. As a result most calculations end up being complicated and detailed affairs which require specialist knowledge. We can help with CGT issues arising on any type of transaction, making sure that you pay only the minimum amount of CGT.
In many cases, careful planning can reduce the Capital Gains Tax payable on the disposal of an asset so it is vital to consider the structure of any transaction before it happens to make sure it is being carried out in the most tax efficient manner. If you have disposed of any assets please contact us now if you require assistance with calculating the capital gains tax payable or reporting the transaction to HM Revenue & Customs. If you are thinking of selling any assets please contact us before you sell them so that we can review what can be done to make the transaction as tax efficient as possible.