Capital Gains Tax
Individuals are charged Capital Gains Tax (CGT) in respect of gains made from selling, or otherwise disposing of assets. There are many common assets that can be subject to CGT when they are disposed of, such as stocks, bonds, precious metals and property.
You may also have to pay capital gains tax if you are selling or transferring a business. Business assets that may be subjected to capital gains tax are:
- Shareholdings in privately owned trading companies
- Goodwill associated with a business that is run by a sole trader or partnership.
- Residential property other than your main residence.
- Commercial property let to, or otherwise used by, privately owned trading organisations, including your own business.
The legislation for capital gains tax is a very complex area. There are many exemptions and adjustments that can be benefited from, which may lead to significant tax savings. It is therefore recommended that you seek the advice of a professional accountant who will be able to prepare your capital gains tax computations, claim any reliefs that you may be entitled to and calculate any liability that may be due.
If you are a small business owner or individual considering selling an asset or business, we can advise you of the options available to you for any planning points before you dispose of any assets, in order to mitigate or reduce potential tax liabilities.
In addition to any current charges, TaxAssist Accountants will be able to recommend more beneficial ways of planning your affairs going forward in order to possibly reduce any future income, capital gains or inheritance tax liabilities.
Call us now on 0845 0176961 or fill out our contact form.
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