Capital Gains Tax

Capital Gains Tax is payable to the Inland Revenue when an individual or a company sells or transfers an asset to someone else.

You only have to pay Capital Gains Tax on disposing of an asset if you have made a chargeable gain. Typically, you make a gain if the asset is worth more than it was when you acquired it.

Certain kinds of asset do not give rise to a chargeable gain when you dispose of them. For example, you will not normally have to pay Capital Gains Tax if you sell your home.

The rate of Capital Gains Tax depends on your circumstances. In general terms, you pay tax at whatever your highest rate of tax is.

Complicated and detailed calculations are required in order to conclude how much Capital Gains Tax is payable on a disposal.

In addition there are many relief and exemptions available, which can reduce or completely wipe out your tax bill.

Andertons can ensure that you pay the least tax possible. In many cases it is vital to have expert advice, even before you sell or transfer an asset. Because after sell or transfer your options to save Capital Gains Tax will be limited.

Andertons can also calculate and advice as to when and how must asset to sale or transfer by what date. Calendar Tax Dates are very important to help to reduce the Capital Gains Tax.

Please contact us to discuss how we can help you, for more information or to arrange a no obligation meeting.