Capital Gains Tax Planning

Capital Gains Tax is a tax on the profit when you sell (or ‘dispose of’) something (an ‘asset’) that’s increased in value. Most commonly on the sale of a property, land or investments.

Capital Gains Tax is sometimes overlooked when disposing of an asset but advance tax planning can help minimise tax liabilities arising. Unknowingly some taxpayers can be caught out when gifting assets to relatives, or other beneficiaries, for Nil value as HM Revenue & Customs will treat the “gift” as a disposal at full market value which may attract an unplanned and unwanted Capital Gains Tax liability.

We have vast experience in Capital Gains Tax matters and advise regularly upon the implications of asset sales with a view to minimising the Capital Gains Tax payable.

Over recent years HM Revenue & Customs having been striving to simplify taxes, however, increasingly these taxes are becoming even more complicated, with Capital Gains Tax being a prime example with four different rates of Capital Gains Tax.

Gains falling into your unused basic rate band

  • 18% on residential property
  • 10% on your gains from other chargeable assets

Gains above your basic rate band

  • 28% on your gains from residential property
  • 20% on your gains from other chargeable assets

You don’t usually pay Capital Gains Tax on gifts to your spouse or upon sale of your main house, however, complications can arise where you dispose of part of your garden and tax advice should be sought prior to considering such a sale.

Further complicating Capital Gains Tax are the number of reliefs available. At Mapus-Smith & Lemmon we know these reliefs inside and out and when and how they can be applied to reduce tax payable, such reliefs include:

  • Entrepreneurs’ Relief
  • Business Asset Rollover Relief
  • Incorporation Relief
  • Gift Hold-Over Relief
  • Private Residence Relief
  • Disincorporation Relief

Telephone us now to discuss maximising your reliefs and minimising your Capital Gains Tax liabilities.

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