Capital Gains tax
Capital Gains Tax advice and compliance services
Capital gains can result in sizable liabilities for you through sales of property, business assets and even gifts. It is key to CGT planning where possible to understand the plans in advance of sale and to structure in a way to minimise liabilities. Understanding our clients and personal relationships is therefore key to us helping you ensure that you time and structure such significant events and transactions in a way which does not result in unnecessary tax liabilities.
Understanding the costs which can be allowed in computing taxable gains, utilising losses and reliefs is essential. There are also various reinvestment options which may defer liabilities. For businesses, group structures may also be used to mitigate liabilities.
Reporting is an increasingly important area for Capital Gains as from 6th April 2020 Capital Gains on UK property has to be reported within 30 days of sale;
Residential property is a common area for requiring expert advice, particularly where there are second homes. There have been significant changes to Principal Private Residence Relief and Lettings Relief over the last few years and we would be pleased to discuss these aspects with you. Timing of sales of property can change the tax liability and early discussion and advice is key to making these important decisions and achieving the best outcome.
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