Capital Gains Tax

Capital Gains Tax (CGT) applies when an individual sells or transfers ownership of an asset to another entity, be it a trust, company or individual.

A charge only applies where the value of the asset, at the time it is to be sold, exceeds the value at which it was acquired. CGT still applies when an asset is gifted or given away other than gifts between spouses.

Our specialist team will assist you in quantifying any capital gain tax liability, minimising any liability and making appropriate use of deferal reliefs.

There are certain exemptions and tax reliefs available which can reduce the amount of the chargeable gain. The following exemptions have a broad application.

CGT Planning

Pre transaction planning may enable CGT to be minimised and wealth preserved. The following are options to be considered:

  • entrepreneurs relief: this reduces the effective tax rate on certain business assets
  • roll over relief: applicable generally to traders who dispose of qualifying business assets and aquire new qualifying business assets
  • gift holdover relief: for some assets this relief defers the charge to CGT
  • Enterprise Investment Scheme is given CGT taper relief opportunities

We offer a creative and proactive approach to CGT planning which includes bespoke planning in relation to your personal circumstances.

Important note: Following the 2008 Budget, Taper Relief was abolished. A new Entrepreneurs' Relief was introduced which includes some but not all elements previously dealt with in Taper Relief. For more information please contact a member of our tax team.



Services