Capital Gains Tax

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Our team has many years of expertise working with Capital Gains Tax. We ensure clients can plan for liabilities and maximise deductions and reliefs.

Capital Gains Tax (CGT) is charged at different rates depending upon your assets involved and your income. Reliefs against the tax are very valuable. Our advice will focus on protecting that relief to ensure that any gain is outside the scope of CGT.

Principal Private Residence Relief

The most common relief – Principal Private Residence relief – is often assumed by our clients. There is, of course, no tax to pay when selling your own home is there?

Whilst mainly true, there are important rules that must be followed to make sure that’s the case. Capital Gains Tax can be charged if you have let your property, have land connected to it, or you run a business from it.

Entrepreneurs Relief

Entrepreneurs Relief on the sale of a business asset is often assumed to be granted automatically on every sale. Advice to ensure that you will qualify to pay a liability at only 10% on the gain should be confirmed before the sale has been completed.

Records can be very important to establish allowable deductions. We will help you manage the maintenance of information that can help maximise deductions against any future proceeds.

Alison Tideswell

Small business & tax manager

01749 342255

Get in touch today

Useful information for Capital Gains Tax

Individuals

The Capital Gains Tax (CGT) reporting and payment date for UK residents that sell a residential property changed from 6 April 2020. This change means that any CGT due on the sale of a residential property needs to be reported and a payment on account

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