Capital Gains Tax
Capital Gains Tax
Capital Gains Tax applies to the disposal of an asset. An asset can include property, land, stocks and shares, works of art and many other items. The tax is calculated on the gain arising, being the difference between the sale proceeds and the original cost, after deducting allowable expenses and reliefs.
For disposals made on or after 30 October 2024, the net gain is generally taxed at 18% for individuals whose income and gains fall within the basic rate band, and 24% for individuals whose income and gains exceed that band. These rates also apply to the disposal of residential properties that do not qualify as a main residence.
There are a number of exemptions and reliefs available which can significantly reduce the tax liability. The application of this tax on properties, particularly second homes and let properties, can give rise to substantial Capital Gains Tax liabilities which, with careful planning, may be materially reduced. Obtaining advice as early as possible allows the available mitigation options to be fully considered.
Our staff can make sure you maximise your exemptions while demystifying the complex world of capital gains tax, whether you're considering investments, a second home, or another asset.
Every year, corporation tax rates and reliefs vary, so we make sure we can offer all the necessary assistance and advice when examining potential exemptions, allowances, and deductions. In order to make sure you are in compliance and avoid fines, we will carefully evaluate and produce corporate tax filings.
Whether you're considering investments, a second home, or another item, our staff can make sure you maximise your exemptions while demystifying the complex world of capital gains tax.
We can help walk you through the complicated subject of personal taxation, we are aware that it can be challenging to grasp, therefore we support you every step of the way. By developing a tax planning approach that works for your tax situation and helps ensure you pay the least amount of tax, we eliminate the time and worry involved. Our staff will provide guidance on when payments are due in addition to what paperwork must be submitted and returned in order to maintain compliance.
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