Capital Gains Tax

 

Capital Gains Tax has changed radically since its introduction in 1965. Making your own assumptions concerning disposals or gifts of assets and assessing your own tax liability can prove to be a false economy, particularly if underpayment results in a tax investigation.

Because Capital Gains Tax can be a voluntary tax, there is the ability to plan for it in advance and to ensure that maximum relief is available to mitigate or avoid any tax liability.

Capital Gains Tax seems rarely out of the public eye. The erosion of the ability to use long established reliefs to avoid tax on transfers of assets into trusts means it is best to plan well ahead and structure the ownership of assets all the more carefully.

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We are a multi disciplinary team, all members of the Association of Taxation Technicians. We can advise on the capital gains tax implications of:

  • Quoted and unquoted share disposals
  • Business disposals
  • Sales and gifts of property
  • The availability of reliefs on gifts to individuals and trusts
  • The availability of ‘Entrepreneurs’ Relief’ in relation to business assets
  • Establishing in year losses and losses carried forward for future use
  • The availability of PPR or main residence relief and how to maximise this very generous relief to cover more than one property
  • Disposals made by trustees and personal representatives
  • Assessing the tax for transactions already done, and negotiating with HM Revenue & Customs to reach agreement on liabilities

‘After the event’ tax mitigation planning is still possible in limited circumstances, but ideally advice is sought before a transaction so that the liability is minimised as much as is allowed within the rules.

Disposals Of UK Residential Property — New Reporting Regime

What has changed? You may be aware that there has been a change to the law in relation to the reporting and paying of Capital Gains Tax in relation to disposals of UK residential property by UK residents. This change came in on 6 April 2020 and means that where the...

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