Capital Gains Tax (CGT) is payable
to the Inland Revenue when an individual (or indeed
a company) sells or transfers property to someone
else.
As with most taxes, there are exemptions
and reliefs available. For example,
generally speaking, when an individual sells their
house or a car, CGT would not be payable. There
is also an annual allowance, enabling individuals
to make small gains on disposals each year, without
paying any tax at all.
Why should you be interested in Capital
Gains Tax?
If you own anything of value and decided to sell
it, you could be presented with a large tax bill.
If you do not inform the Inland Revenue of your
disposal, you could also be liable to penalties.
The rate of CGT depends on your circumstances.
In general terms, you pay tax at whatever your
highest rate of tax is.
How can Griffin Benedict help you?
The CGT allowance can be used to your benefit
if you are not already using this allowance. You
could for example generate capital growth from
an investment. Once a gain has been made you can
encash the investment, as long as the gain is
less than your allowance for that tax year then
you will pay no tax on
it.
Complicated and detailed calculations are required
in order to conclude how much CGT is payable on
a disposal. There are many reliefs and exemptions
available, which can reduce or completely wipe
out your tax bill.
We know technical experts who deal
with such matters on a daily basis and 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.
If you want to take advantage of this oportunity
handed to you by the Goverment then contact us
immediately using the form below.
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