Capital
Gains Tax Advice is a modern day necessity as it’s a tax charge payable on
an increase in value on the possessions we own.
These possessions could range from shares to antiques, second homes etc.
The tax is payable when you sale or give them away.
Year
on year the capital gains tax allowances and rates vary therefore it is
important to seek Capital Gains Tax Advice from a professional Tax Accountant.
The
difference in tax rates between UK income tax at 50% and Capital Gains Tax at
18% is unsustainable. Sooner or later the government will seek to close the gap
but if only it were entirely that simple. UK Chancellors past and present have
for many years been trying to simplify the Capital Gains Tax system only to end
up making it more complex.
In
capital gains tax planning it is vital to take all taxes into account, not just
the one you are trying to avoid! There is no point doing one thing to save
inheritance tax if at the same time by taking this action you inadvertently
give yourself a capital gains tax liability. Capital gains tax rate is much
lower than income tax rate but with careful capital gains tax advice and planning, one
can further reduce the CGT bill. There are several ways by which Capital Gains
Tax may be reduced, legally of course. This requires good advanced Capital
Gains Tax advice and planning, rather than reacting to a tax event.
Whether
you have inherited assets, bought a second home or you have developed an
extensive investment portfolio, you will need to consider the Capital Gains Tax
(CGT) consequences of a disposal. Professional advice should always be sought
before transferring or selling an asset as CGT liabilities can be deferred,
mitigated or even prevented with the right planning. The experienced and
professional Capital Gains Tax advisors can guide you through your sometimes
complex obligations, provide a personal planning strategy, and ensure that
complete compliance with all your legal obligations is ensured.
Most
people are aware that gains made on the sale of their own home should be exempt
from Capital Gains Tax, but where more than one property is held or occupied,
even if one is rented, complications can arise. We can help you identify how to
ensure the receipt of the maximum relief.
There
are many other issues that will affect the relief that may apply. In addition
there will also be a number of tax implications and charges that may be
applicable when considering Capital Gains Tax.
•
Retiring or selling your business – securing benefits from entrepreneur’s
relief
•
Reinvestment of proceeds already gained into qualifying investments
•
Income tax deduction on overlooked relief’s
•
The types of relief’s available to you
Contact
us today to discuss how you are affected by the implications of UK CGT and how
we can help.