Capital Gains Tax

Capital Gains Tax is a tax on the profit you make when you sell or dispose
of an asset that has increased in value. It applies to assets such as
property (excluding your main home, in most cases), shares, business
assets, and personal possessions worth over £6,000.

There are several ways to reduce your CGT liability, including:
● Utilizing your Annual Exempt Amount (£6,000 for individuals in
2023-24).
● Claiming reliefs such as Private Residence Relief, Entrepreneurs’
Relief, or Gift Hold-Over Relief.
● Offsetting losses from other assets against your gains.
● Our team can help you identify and apply these strategies effectively.

Entrepreneurs’ Relief (now known as Business Asset Disposal Relief)
allows business owners to pay a reduced CGT rate of 10% on qualifying
disposals, up to a lifetime limit of £1 million. We can help you determine if
you’re eligible and guide you through the process.

No, CGT is not payable on inherited assets. However, if you later sell or
dispose of the asset, you may be liable for CGT on any increase in value
since the date of inheritance. Proper planning can help minimize this
liability.

CGT must be reported and paid through a self-assessment tax return. For
UK property sales, you may need to report and pay the tax within 60 days
of completion. Our team ensures accurate reporting and timely
submissions to avoid penalties.

Absolutely. Whether you’re selling a second home, rental property, or
commercial real estate, we provide expert advice on tax-efficient
structuring, utilizing reliefs, and offsetting costs to minimize your CGT
liability.

Capital losses can be carried forward indefinitely to offset future gains. We
can help you review your tax history, identify unused losses, and apply
them strategically to reduce your tax burden.