London’s Leading Capital Gains Tax Consultants
A reliable source for capital gains tax consultation in London.
How does a capital gains tax work?
Broadly, when an individual/limited company/chargeable person disposes off a capital/chargeable asset at a profit, a capital gain arises. Individuals currently pay CGT at 10% / 20% based on the level of their other income. Sale of UK residential property attract higher CGT rates of 18% and/or 28%. Limited companies do not pay capital gains tax rates but instead pays corporation tax on its gain.
Commonly, an individual would sell an asset to realise a gain however a gift can sometimes also constitute a disposal for capital gains tax purposes. It is therefore important to take advice (in writing) that your desired transaction will not trigger a capital gains tax charge on yourself. Provisions are available in the legislation for the loss of the asset to be treated as a capital disposal for CGT purposes however each event would need to be looked into in isolation to apply such rules.
A technical point to note here is that death is not chargeable point for capital gains tax purposes.
How Can We Help?
We can work out the CGT payable (if any) by you based on the facts and events. If you are planning on carrying out a transaction which would trigger CGT, it is imperative that you seek advice prior to the deal. We can assist you in reducing your CGT liability (where possible) and set up a structure for your business and personal assets.
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