Capital Gains Tax

Capital Gains Tax is tax payable when you sell, or dispose of an asset that has increased in value while you have owned it.

For a free initial meeting to discuss how we can help you contact us online or call us on T: 023 9248 4356T: 023 9248 4356


Subscribe Now

Capital Gains Tax


Capital Gains Tax (CGT) is a tax on the increase in value of your possessions - such as a second home, valuables including jewellery, antiques and art, or shares -during the time you have owned them.  Any tax is due when you sell or give them away.  You need to have made a certain amount of profit on your items before you can be taxed on them.  It is the gain you make that is taxed, not the amount of money you receive.

The CGT allowance for the tax year 2018/19 is £11,700.

There a two different rates of CGT which vary depending on the asset you have made a profit on and your tax band:

     If you have made a capital gain on an investment that isn't a property:
     CGT rate for basic-rate taxpayers is 10%, and for higher and additional rate taxpayers is 20%

     If you have made a capital gain on a second home or buy-to let investment
     CGT rate for basic-rate taxpayers is 18%, and for higher and additional rate taxpayers is 28%

With careful planning and the right tax advice it is often possible for individuals and trusts to reduce, delay and sometimes totally avoid capital gains tax.  Morris Crocker’s Tax advisers will calculate your current exposure to capital gains tax and then discuss your options for restructuring your affairs which may include:

•    Claiming all valid tax deductions
•    Claiming all eligible reliefs
•    Crystallising losses on other assets
•    Becoming non-resident and non-domiciled
•    Maximising the use of annual exemptions
•    Use of trusts or pension funds
•    Transferring ownership of assets
•    Restructuring the asset held
•    Careful Will planning

If you would like to find out more about how to plan for capital gains tax in the most efficient way, call us on 023 9248 4356.

For tips on how to reduce your Capital Gains bill for 2018/19 please see our latest advice guide.

Request a Quote

Name:
Company:
Email Address:
Contact Number:
Service interested in:

Nature of your business:
Enquiry:

Yes I would like to be kept updated as I do not want to miss out on receiving small business newsletters, advice guides and details of events from Morris Crocker. I understand I will have the opportunity to opt out of receiving emails every time I hear from Morris Crocker.

Please confirm you are human:
 


REF: MC/RQ/1.1

What our clients say...

We instructed Morris Crocker to formulate our company structure in 2011 and have provided regular financial and business advice ever since. Their service is personal, fast and very helpful and I have no hesitation in recommending them to other clients.

Latest news...

11/10/2018

Tax & Your Business - Survey

The Office of Tax Simplification (OTS) is seeking the views of businesses about their day-to-day dealings with tax and its impact on their business.  It particularly wants to hear from small businesses and 

READ MORE

Newsletter Sign Up

Sign up to keep in touch to receive our latest news and industry updates.



Yes, I would like to receive email updates providing me with the latest finance news, advice guides and details of future events.



REF: MC/NL/1.0