Capital Gains Tax is basically when you are taxed for the profits (gains) you make when you sell, give away or 'dispose' of something you own that has increased in value.
This can include: selling shares, transferring a property to someone else, exchanging an asset for something else or receiving compensation… The list goes on!
However, the actual amount of Capital Gains Tax you will have to pay will vary depending on your tax free allowance and any other additional reliefs you have taken.
The rates of CGT for 2014/15 are 18% (standard rate), 28% (higher rate) and 10% (Entrepreneur’s relief rate).
Your annual tax free allowance (Annual Exempt Amount) for 2014/15 is £11,000. Yet this figure is prone to changing year on year, so you need to keep on top of it.
There are beneficial rates and reliefs to be taken advantage of and our tax specialists are best placed to help you do this.
If you are struggling to assess your potential Capital Gains Tax liabilities, our team of tax consultants can help. Harnessing our years of experience in this field, we can not only help you to minimise these costs – for good –but we can provide tax preparation support which will ensure you never have to worry about your taxes again!
Contact our tax accountants today, and let us help you to lift this weight right off of your shoulders and receive the tax advice you deserve.