Capital Gains - Tax Planning
Did you know that Capital Gains Tax (CGT) is payable on all taxable gains at a rate of 10 – 28%. This isn’t just selling an asset. Gifts & other transfers can be caught!
CGT can catch everyone – it is payable by individuals, businesses, companies & trusts.
A double tax?!
If you have already saved out of taxed income, say to invest and then sell that investment CGT may become due. This can feel like a double tax. Same if you sell an inheritance that was subject to inheritance tax.
There ARE planning opportunities & reliefs:
- Entrepreneurs relief on gains of up to £10m
- Long Term Gains Relief
- Opportunities for married couples/civil partners
- Residency & domicile
- Some investments – VCT’s/ISAs etc
- Allowable expenses
- Use hold over relief to postpone the tax
Early planning may be required. This can be complex so why not come & talk to our experts today.