CAPITAL GAIN TAX

Capital Gains Tax

Capital Gains Tax as the name suggests is the tax levied on someone who sells an item that has increased in value, that is tax on the gain or profit. Everyday items are generally excluded, however commonly the sale of chargeable assets such as property, business, shares or other valuables will trigger a charge to capital gains tax. The capital gain tax is payable on most items you sell and made a gain worth £6,000 or more. however, it is not payable on sale of your car. You also don’t pay the capital gain tax on gifts between spouses, civil partners or to a charity.

Accountancy Managers specialism is capital gain tax. The capital gain tax is payable on your total gains above the annual tax free allowance. We provide full transaction planning, support and knowledge to assist you to fully understand the capital gain tax implication of selling your assets. Therefore, if you are thinking of selling an asset that you think might be liable to capital gains tax , it is best to seek advice early as in most cases it is possible to reduce or totally avoid the tax charge. There are a number of reliefs available such as;

Entrepreneurs Relief

Lettings Relief,

Principal Private Residence Relief

Gift Relief

Or the gain can also be set off against current year or brought forward capital losses.

At Accountancy Managers, London based Chartered Certified Accountants and Tax Consultants, we are extremely experienced in this area, if you would like to know more or talk about your specific situation please get in touch with us by calling 020 7636 3455.

We make sure that you do not end up paying more taxes then you absolutely have to.

 

Accountancy Managers Ltd: Tax Accountants in New Cavendish Street, London, W1W 6YT.

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