Capital Gains Tax (CGT)

We’ll help you improve your Corporation Tax position because we’re more than standard Chartered Accountants.

We can advise across all of your business, and personal, affairs. We’ll optimise your current situation – and help you better plan for your future.

CGT can be large and applies to the sale of most capital assets.

The complexity of the legislation means its many the anomalies require careful navigation to avoid traps and minimise tax.

Our Capital Gains Tax (CGT) Advice

In recent years the capital gains net has widened and non-residents have been subject to capital gains on their UK property.

We recommend you seek our advice prior to any sale of a valuable asset.

Below is a list of some of the reliefs available from capital gains.

  • Relief for primary residences
  • Roll over reliefs
  • Re-investment reliefs
  • Exemptions from CGT
  • Negligible value claims
  • Entrepreneurs relief and other business exits
  • Indexation allowance for companies (now limited to assets acquired prior to 2018)

Case Study 1) : Mr and Mrs W

The problem

Mr and Mrs W wanted to give away assets to their children. There was a very complex history surrounding the family home, part of which was lived in by one child.

The property had been redeveloped and expanded and contained additional development land. Mr and Mrs W wanted to understand capital gains position so they could adjust their gift using other assets.

How we helped

We reviewed the history of ownership and beneficial interest in the property along with the different uses and developments to the site.

The result

Mr and Mrs W received a complex capital gains calculation setting out the various parameters and key factors so that the future estate planning could be undertaken.

Case Study 2) The T Family

The problem

The T Family called us as they were about to exchange on the purchase of their new home. But their solicitor had advised they had to pay an additional £5,000 because there was a granny annex to the property.

How we helped

We reviewed the proposed purchase and the property and concluded that Stamp Duty Land Tax (SDLT) was incorrect and it should instead be reduced by £68,000.

The result

HMRC approved the SDLT return saving £73,000.

Contact us to minimise or start planning to reduce your Capital Gains Tax.