WHAT IS CAPITAL GAINS TAX?
Capital gains tax is relevant when you sell or gift a property, business, share incentives, and so on. If you sell them for more than you bought them for, capital gains tax is a tax on the profit you make. Capital gains tax advice is there to help you pay this tax in the best way possible.
If you’re looking for capital gains tax advice, it means there could potentially be a big, life-changing event on the horizon. It’s likely you’re looking to sell a property, a business, shares or another investment. And you’ve worked hard for these things. It could be your life’s work. So, when you’re selling, you want to make sure you’re doing it in the right way and that you’re making the most of generous government tax reliefs.
IDENTIFYING THE RELIEFS CAN MAKE A BIG DIFFERENCE
Capital gains tax is a tax on the profit when you dispose of an asset. And this asset must have increased in value. Let’s say you bought a property and it cost you £200,000. You’re about to sell it for £300,000. This means you’ll pay a tax on the £100,000 profit.
However, we can give you capital gains tax advice to help you structure how you receive this profit. We’ll calculate the tax on your assets and identify all available tax reliefs, such as Entrepreneurs’ Relief, Lettings Relief and many others that can mean paying less tax on the profit you’ve made.
It may also be possible to delay when you have to pay capital gains tax, for example if you make a gift or if you reinvest some of the proceeds into qualifying assets such as Enterprise Investment Scheme shares.
And we’ll even look to see if we can transfer assets between spouses to make the most of tax exemptions.
