Capital Gains Tax Advice
Along with inheritance tax, capital gains tax is often referred to as a voluntary tax. With careful capital gains tax advice, it is often possible for individuals and/or trusts to reduce, totally avoid and/or delay payment of capital gains tax.
Capital Gains Tax is a tax on the profit when you sell or give away something (an ‘asset’) that has increased in value. It’s the gain you make that’s taxed, not the amount of money you receive.
Capital gains tax is currently levied at rates of between 10% and 28%.
Our Capital Gains Tax services include:
calculating potential capital gains tax payable on a disposal
advising on reliefs such as entrepenuers relief, principal private residence relief and lettings relief
advising whether exemptions are available, including annual exemption, spouse exemption or gifts to charity
advising on transferring assets between husband and wife
advising on the timing of a disposal
advising on the potential capital gains tax payable on a gift
disposals of UK property by non-residents
By considering all the above factors and other factors, we can advise if it is possible to delay or defer the tax liability, sometimes indefinitely.
Capital Gains Tax Reports
If you own a second property or some other asset and you would like to know how much Capital Gains Tax you may be liable for on the sale of this asset, then we can prepare a tailored Capital Gains Tax Report for you for a fixed fee of just £95.
Our detailed but straight forward reports will show the following:
Capital Gains Tax on the sale of the asset
Calculation of the tax reliefs available to you
Explanation of the deductions you may claim
Advice on ways to help reduce capital gains tax
Explanation of HMRC deadlines and reporting requirements
Non-Resident Capital Gains Tax Returns
If you’re not resident in the UK and sell (or dispose of) a UK residential property you must tell HM Revenue and Customs (HMRC) and you may have to pay Capital Gains Tax on any gains you make on disposals made after 5 April 2015. A disposal is when the contract to sell the property is agreed (often called ‘exchange’).
For residential property held on 6 April 2015 and disposed of on or after that date, the 'default' position will be for the gain on disposal to be on the excess over the market value at 5 April 2015.
Disposals are to be reported within 30 days of completion of the disposal.
Except where a UK self-assessment tax return is already required, the tax is payable within 30 days of completion. Where ordinary self-assessment returns are being filed the tax will be payable according to the usual timing for self-assessment. Thus, for example, for individuals and trustees, the tax will be due by 31 January next following the tax year in which disposal occurs (which would generally be on exchange of contracts).
We can prepare your Non-Resident Capital Gains Tax Return for a fixed fee of just £150.