Capital Gains Tax Planning

We can provide specialists tax planning advise to minimise your Capital Gains liability..

Capital Gains Tax (CGT) is the tax you pay on any profit when you sell or gift an asset. Evaluating your exposure to CGT is crucial as it’ll allow you to plan, prepare and minimise any impact on cashflow. As chartered accountants with specialist knowledge of CGT, we’re here to help, with our holistic approach making it easy to sort out all tax-related issues with one trustworthy team. Contact us today to discuss the many ways that we can minimise your CGT liability while remaining fully compliant with UK tax laws.

Why Choose Us for Capital Gains Tax Advice and Planning?

We know that you don’t want a high tax bill. We also know that you want to remain HMRC-compliant. As Chartered Certified Accountants regulated by the FCA, we always do things by the book while directing you towards the best tax savings possible.

We can help with CTG planning by:

Calculating the potential Capital Gains Tax liability on a property disposal
Helping you set up tax-efficient structures from the start or restructuring in advance of a sale
Ensuring you claim any potential reliefs and exemptions such as lettings relief, gift relief and more
Advising on the transfer of assets between spouses
Carrying out prompt tax filing. HMRC now requires taxpayers that make a gain to file and pay their Capital Gains Tax within 30 days.

Who Do We Help?

Whether you’re a property investor looking to sell a buy-to-let property or are thinking about transferring a property to your children or spouse, we can help manage your Capital Gains Tax liabilities. More often than not, landlords pay far too much tax when they sell their properties because they don’t know how to properly offset CGT – but that’s where we come into our own. There are numerous reliefs available which can reduce the amount of gain charged to capital gains tax, change the rate of capital gains tax payable or postpone the date that the capital gains tax payment is made. And we’ll tap into these where possible.

Frequently Asked Questions

Who Pays Capital Gains Tax?

If you are selling or disposing a ‘chargeable asset’ you’ll be liable to pay CGT. An example of a chargeable asset is a property that isn’t your main residence, such as a buy-to-let property. Tax is applied to the profit. This is the difference between the value you paid for the asset and the value at which you sell the asset. The ‘gain’ is the amount that could be taxable. For example, if you buy a property for £200,000 and sell it for £300,000, this means you’ve made a gain of £100,000 which could be taxable.

What are the Capital Gains Tax Rates?

Rates vary depending on your circumstances. However, below is an indication of what you might be expected to pay.

10% or 20% for individuals
18% or 28% for residential properties
20% for trustees or personal representatives
28% for trustees or personal representatives for residential properties

Do You Pay Capital Gains Tax When Selling Your House?

It’s important to note that CGT won’t be applied when selling your main residence. However, other properties could be subject to CGT if you’ve made a gain. For example, selling a buy-to-let property or a business premises. You do not have to pay tax if you’re gifting this property to your spouse, civil partner or to a charity. And we can help you with all your tax planning needs to help avoid CGT legally.

Is There Capital Gains Tax on Inherited Property?

If you’re the beneficiary of an estate, you won’t be expected to pay CGT unless it rises in value from the date you acquired it and you choose to sell. CGT will then be calculated based on how much you sold the estate for and how much the estate was worth when it was first passed over to you.