Capital Gains Tax

Professional Advice

K.A.Farr & Co Will Guide You Through The Process.

Capital Gains Tax

Capital Gains Tax is a notoriously complicated area. However, it is basically a tax on the increase in the value of the possession or item in the time that you have owned it. CGT is payable on assets like property or shares and is calculated once the asset is sold or gifted.

Do you know what your Capital Gains Tax (CGT) liabilities are and how you can manage allowances and exemptions to protect your assets? We can help you take both of these into account.

Certain transactions such as the sale of shares or property may give rise to a capital gains tax liability.

It is crucial that you know what steps you can take to minimise, reduce or remove any liability. There are also several forms of relief, allowances and exemptions which you are at liberty to utilise if you meet certain criteria. We guide you through all of these, making sure you pay the right amounts of tax and that your finances are secure.

There Are Three Rates Of Capital Gains Tax (CGT):

  • Basic rate taxpayers
  • Higher rate taxpayers
  • Specific business asset disposals

There is also an annual exemption which means that you don’t pay Capital Gains Tax on the full amount of any increase in the value of your assets.

Before you proceed with a major transaction, you can always talk to us first so we can advise you on its feasibility and tax implications.

You may qualify for capital gains tax relief in the following circumstances:

  • Application of annual exemption amounts
  • Roll over into new business assets
  • Holdover in the case of gifts
  • Entrepreneurs relief
  • Capital losses
  • Reinvestment

Inheritance Tax

Many people worry about their estate and how much inheritance tax they will have to pay when they pass away. They naturally want to maximise what they can leave behind for their loved ones.

With Inheritance Tax charged on certain lifetime gifts, wealth on death and on certain transfers into and out of trusts. Therefore, it’s crucial that you know all about the available exemptions and reliefs.

Our team can help you significantly reduce inheritance tax liability, or even render it irrelevant.

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