Capital Gains Tax
If you own anything of value and decide to sell it, you could be liable to capital gains tax (CGT).
CGT is payable when an individual, trust or company sells or transfers or gifts property (tangible or intangible) to another entity. As a basic principle, CGT is charged on the difference between what you paid for an asset and what you receive when you sell it, less your annual CGT exemption if this has not been set against other gains.
However, it is possible that careful planning can reduce your CGT bill to zero.
We are able to advise on this complex issue to ensure that maximum relief is obtained where available, including entrepreneurs’ relief. As with all tax planning, it is essential to take action early.
Contact us today for more information.
For more information please contact Iain Sim or Gill Groom.