Capital Gain Tax

When you sell an asset you may be liable to pay capital gains tax (CGT).

What is capital gains tax?

Capital gains tax is a tax on the profit you make when you sell or dispose off  an asset that’s increased in value. CGT is payable on the amount of gain you make and not on the total amount of money you receive.

What assets?

Disposing of an asset includes:

• selling it
• giving it away as a gift or transferring it to someone else
• swapping it for something else
• getting compensation for it - like an insurance payout if it’s been lost or destroyed

How can I maximise my Annual Exempt Amount?

There is one standard annual exempt amount for:

• Most UK residents
• Executors of an estate
• Trustees for those who are registered disabled

It is possible to reduce your CGT bill to zero with careful planning and expert advice. Please call us on 02035816420 to speak with our team of tax specialists who can guide you through the often complex process of capital gains tax planning. They will guide you through the reliefs and options available to reduce or even eliminate your tax bill in its entirety.

Please call us on +442035816420 or send us a message on our online enquiry form if you need our help with your capital gain tax calculations and we will get back to you straight away.