HomeCapital Gains Tax

Capital Gains Tax

What is Capital Gains Tax (CGT)?

A tax levied on the profit made on the sale of any non-inventory qualifying assets is called Capital Gains Tax. When sold, bonds, stocks, property, real estate, and precious metals are subjected to CGT. If you make any gains, you may be liable to pay taxes. The amount of tax chargeable will differ depending on the type of asset, how long it was held, how the asset was utilised etc.

Individuals CGT

This can be from the disposal of personal possessions such as coins and jewellery, shares (excluding ISAs & PEPs) worth £6,000 or more, or on the sale of a second property.

Businesses CGT

Capital Gains Tax may have to be paid if a profit is made when all or part of a business or business assets is sold, including land and buildings, fixtures and fittings, machinery or shares.

 

Our Capital Gains Tax Service

Complete service

Our CGT service includes planning your disposal, determining your options and filing your CGT return. Preparing to buy or sell assets can save a lot of tax.

No matter how complicated your tax return is, our expert tax adviser will guide you through it step-by-step. No more loneliness or burdens.

Advice from qualified staff

We are qualified tax advisors and are regulated by the Association of Taxation Technicians (ATT) and the Institute of Chartered Accountants in England & Wales (ICAEW).

CGT is a complex area of taxation and generally relates to any chargeable gains made on the sale of high-value items such as property or shares. We have years of experience helping our clients with CGT, ensuring you make the most of any tax reliefs available and plan your disposal to avoid paying any additional fees to HMRC and minimise your tax liability.

Residential & commercial properties

Residential property is one of the most common forms of Capital Gains Tax paid in the UK. Although your private residence is usually outside the scope of CGT, things can become slightly more complicated if you rent out your property as a Furnished Holiday Let for a period of time.

On the other hand, buy-to-let properties are almost always subject to CGT when the property is sold at a profit.

  • Letting Relief – only available to landlords in certain circumstances and can reduce your CGT liability by up to £40,000.
  • Private Residence Relief – for the period you have lived in the property yourself.

We have helped hundreds of landlords and investors calculate CGT. However, our tax planning service goes beyond just calculating taxes. Using our expertise, we present you with options to make informed choices.

Shares & stock investments

Complete service

Our CGT service includes planning your disposal, determining your options and filing your CGT return. Preparing to buy or sell assets can save a lot of tax.

No matter how complicated your tax return is, our expert tax adviser will guide you through it step-by-step. No more loneliness or burdens.

Advice from qualified staff

We are qualified tax advisors and are regulated by the Association of Taxation Technicians (ATT) and the Institute of Chartered Accountants in England & Wales (ICAEW).

CGT is a complex area of taxation and generally relates to any chargeable gains made on the sale of high-value items such as property or shares. We have years of experience helping our clients with CGT, ensuring you make the most of any tax reliefs available and plan your disposal to avoid paying any additional fees to HMRC and minimise your tax liability.

Capital gains tax rates for the tax year 2020/2021

You only pay tax on any net realised gain/profit that goes over your Annual Exempt Amount (your tax-free allowance), which for 2020/21 is set at £12,300.

It is crucial to keep in mind that you usually are not levied to pay any Capital Gains Tax if you sell your main home and not your second home.

Free Estimation

Request A Quote

Speak to one of our Qualified Tax Advisor to see how we can help!