Capital
Gains Tax Advice
Capital
Gains Tax Advice is an everyday 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 was 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.
Whilst seeking capital
gains tax advice and 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 getting Capital
Gains Tax Advice (CGT) upon 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, ensuring 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. With our Capital
Gains Tax Advice we can help you
identify how to ensure the receipt of the maximum relief.
There
are several other issues that will affect the relief that may apply. In
addition there will also be a number of other 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
• Identifying the types of reliefs available to you
Contact us today to discuss how you are affected by the implications of UK CGT and how we can help.
• Reinvestment of proceeds already gained into qualifying investments
• Income tax deduction on overlooked relief’s
• Identifying the types of reliefs available to you
Contact us today to discuss how you are affected by the implications of UK CGT and how we can help.
