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Capital Gains Tax
Capital Gains Tax is a tax on the profit when you sell, or ‘dispose of’, something that has increased in value. Tax is paid on the profit element, not the sale price.
You will expect to pay Capital Gains Tax (CGT) when you sell and make a profit on most personal possessions over £6000, property that is not your main residence, shares excluding a NISA, ISA or PEP, and most business assets.
You will not expect to pay CGT on the sale of a car, gifts to spouse or partner, charitable gifts of profits within you annual allowance.
CGT can also apply if you are resident abroad with assets in the UK.
The tax paid on an asset subsequently sold for an amount higher than the original purchase price - making a profit.
Tax laws are complex. We're here to help you handle it all.
Tax planning is the key to minimising Capital Gains tax. So it is well worthwhile discussing your long term plans with us here at Gpg Accountants so we may be able to assist in structuring your assets in a way which keeps Capital Gains tax to a minimum when the time comes to sell.
Gpg Accountants and Business Advisers
We'll provide you with the experienced professionals to handle all your accounting needs.