Services

Capital Gains Tax

We help you minimise Capital Gains Tax on asset disposals and business sales whilst ensuring compliance with HMRC reporting deadlines.

Capital Gains Tax (CGT) is payable on the disposal of capital assets such as land, shares, intellectual property, etc.

CGT is an extremely complex tax with numerous reliefs and exemptions, and different rates of tax depending on the nature of the asset.

Our team of experienced advisers will help you to navigate your way through the complexities of Capital Gains Tax in situations such as:

Transfers of assets and share ownership arising from business restructures.

CGT can be payable on any change in legal ownership such as gifts to family members, transfers to or from a company, as well as a sale to a third party, however, in many cases, reliefs can be claimed to defer paying CGT until a future sale of the asset and we can explore this for you.

Sales of part or all of your business.

A claim to Business Asset Disposal Relief (previously Entrepreneurs’ Relief) can ensure a tax rate of 10% rather than 20%. The reduction in the lifetime limit to £1 million means greater planning is necessary to minimise the tax payable. Our tax advisers are on hand to support you through this process (Link through to page on corporate restructuring)

Gifts and transfers of assets as part of succession planning.

Transfers of assets between family members are always treated as taking place at market value, even when no money changes hands. Careful planning is needed to ensure this does not result in a tax charge.

Complying with all reporting requirements

Many transactions need to be reported to HMRC within 60 days – in particular sales by non-resident taxpayers and sales of residential properties. We can help you through the process.

Capital Gains Tax Advice for Farming and Agricultural Businesses

Armstrong Watson has a long history of acting for farmers and landowners. Our team is ideally placed to advise on all tax matters faced by agricultural and rural businesses:

Income Tax and deciding on the correct structure for your business
Capital Gains Tax and maximising reliefs on sale or gift of assets
Inheritance Tax and maximising entitlement to Agricultural Property Relief and Business Property Relief on assets owned
Advice on diversification into non-agricultural projects and joint ventures
VAT advice on property rentals and conversions
Stamp Duty Land Tax advice on the purchase of agricultural property