Get Capital Gains Tax Advice from Experts
The Capital Gains Tax (CGT) is a tax on the profit from selling or disposing of assets, and it applies to a range of items, including property, shares, and valuable personal possessions. It includes land or property (excluding some primary residences), shares, and high-value personal items. Individuals, business owners, and landlords may all be responsible, depending on their investment activities and financial health. We provide expert CGT advice, helping individuals and business owners.
Key Considerations for CGT
Asset Types and Exemptions
- Primary Residence: Selling your main dwelling is exempt from CGT. But it needs to meet the Private Residence Relief conditions.
- ISAs and PEPs: CGT is not applicable for stocks in Individual Savings Accounts (ISAs) and for Personal Equity Plans (PEPs).
- Chattels: Personal belongings sold for less than £6,000 are also exempt.
CGT Rates and Allowances
You have to understand the applicable rates and allowances according to HMRC. Because it is crucial for effective tax planning.
Annual Exempt Amount: In the 2024/2025 tax cycle, individuals will be able to make up to £3,000 in capital gain without any tax implications.
- Basic Rate Taxpayers: Most Assets - 10%, Residential Property - 18%.
- Higher and Additional Rate Taxpayers: Most Assets - 20%, Residential Property - 28%.
How IMACC & CO Can Help You?
We include all valid bank indexation allowances and professional fee deductions for your taxes. We assist our clients in claiming valuable reliefs such as Entrepreneurs, principal private residence, hold-over, and rollover relief. Many reliefs have strict eligibility rules with costly implications for errors. We can solve the issues.
For both UK-domiciled and non-domiciled residents, we provide strategic planning. It ensures that unexpected CGT liabilities for new residents are avoided. We review whether trusts or pension funds can be useful for mitigating CGT exposure.
If you have suffered losses in the past, we assess how they can help reduce your current tax liability. We render comprehensive services about sectoral CGT exposure. It includes the most recent rules for non-resident landlord CGT.
While difficult, wills form an essential part of CGT planning. We provide support to help you navigate tax liabilities on estate planning matters.
We provide counsel on intra-family transfers of asset ownership such as between spouses or following divorce in order to preserve maximum reliefs.
Why Choose Us?
If you need expert advice on capital gains tax, get in touch with us today. Let’s work together to minimise your tax burden effectively.
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Frequently Asked Questions
A property company pays lower corporation tax, allows deductible expenses, and offers better inheritance tax planning for landlords compared to personal property ownership.
Salaries have income tax and NICs, while dividends are taxed at lower rates without NICs. A mix of both helps maximise tax efficiency.
Claim all allowable expenses, use VAT schemes, invest in pensions, claim R&D tax credits, and structure income tax-efficiently with salaries, dividends, and allowances.
A company pays lower corporation tax, allows deductible expenses, enables income splitting, and provides tax-efficient reinvestment options for business owners.
Make early gifts, use trusts, claim exemptions, donate to charity, and invest in IHT-efficient assets like AIM shares or business relief schemes.