Every asset you sell, gift, transfer or dispose of that goes on to make a gain or profit is likely to be liable for Capital Gains Tax, so you need to make sure you’re on top of it to avoid nasty surprises down the line.
But as with all things tax-related, it’s not always the most straightforward thing to understand. Fortunately, though – it’s our bread and butter!
While assets worth less than £6,000 are exempt, shares and properties generating a capital gain are unlikely to be and we help clients to:
Manage their liabilities in line with allowances
Use relief mechanisms to reduce any potential gain arising from the sale, such as entrepreneur’s relief, principle private residence relief, etc. and offsetting other capital losses
Understand the impact of asset ownership adjustments to maximise the use of any losses or annual exemptions
If you need help to understand the impact of Capital Gains Tax on your finances, get in touch with our team today.