Capital Gains Tax (CGT) is a tax on profits made from capital transactions like selling your 2nd home, or perhaps your share portfolio.
This tax can take a significant slice of any of the proceeds. However, with proper management and careful thought, real savings can be made.
Capital Gains Tax (CGT) is chargeable on the profits made on the disposal of assets. This can include properties, shares or other valuable items. Remember that CGT can be due on gifts as well as sales – without the consolation of any proceeds out of which to pay the tax.
We can help you plan your way through the CGT minefield by advising which tax reliefs could be obtained and what you need to do to get them.
Two particular reliefs are particularly important.
Capital gains on the disposal of your main house are normally exempt but there are times when it is restricted – ask our advice if you need help. We can also explain how this is sometimes available on second homes and what the implications are.
Business Assets can often qualify for the specially low 10% rate of tax resulting from Entrepreneur’s Relief. Not everything connected to a business will qualify, however, and we can advise how best to maximise your tax relief. The tax at stake is often very large indeed so please take our advice well before you sell!
Our team of experts are highly qualified to advise you on an effective route through CGT Planning, ensuring that your affairs are organised in such a way that any future sales of this nature benefit from the tax reliefs that are available, and, that the amount of tax relief claimed is maximised.
So make the use of our expertise and experience, and, become one of our many happy clients who have enjoyed the benefits of tax savings of this nature. Contact us for a free initial meeting to see how we could help you.