Capital Gains Tax
You may be liable to pay capital gains tax (CGT) if you own an item of value – an asset – that has increased in value when you choose to sell it.
What is capital gains tax?
Capital gains tax is a tax on the profit you make when you sell – or ‘dispose of’ – an asset that’s increased in value.
The gain you make is taxed, not the amount of money you receive.
Who is liable to pay capital gains tax?
An individual, trust or company is You are liable to pay CTG when they sell, transfer or gift an asset or property – tangible or intangible – to another entity.
Anyone who is liable to pay CGT is entitled to an annual tax free allowance, known as the ‘Annual Exempt Amount’. You only pay CGT on any amount above this tax-free allowance.
How can I maximise my Annual Exempt Amount?
There is one standard annual exempt amount for:
-Most UK residents
-Executors of an estate
-Trustees for those who are registered disabled
It is possible to reduce your CGT bill to zero with careful planning and expert advice. Get in touch with our team of tax specialists who can guide you through the often complex process of capital gains tax planning.
Our experienced specialists will guide you through the reliefs and options available to reduce or even eliminate your tax bill in its entirety.
Find out more about our fees