Capital Gains Tax

You may not have completed a Tax Return but some people may receive an inheritance or other income or property that means they will have to have a Tax Return prepared due to the Capital Gains.

Commonly this will be an inherited property that will realise a gain for the beneficiary.

At Tax Advantage we can help you with all Capital Gains Tax and ensure that you receive all available allowances and reliefs available to minimise your Capital Gains Tax liability.

To get the best price for your accounts and taxation needs please complete the contact form and one of our accountants or tax advisors will contact you at a time to suit you.
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Mortgage Interest Relief Changes for Landlords

Landlords can deduct mortgage interest as an allowable expense against rents, relief is given at the marginal tax rate of the landlord, this means a higher rate taxpayer receive a higher amount of relief than a landlord who is a basic rate taxpayer.

From April 2017 relief will be restricted to the basic rate of tax, […]

July 21st, 2015|

Capital Gains Tax on Property

What is Capital Gains Tax on Property?  Capital Gains Tax (CGT) is a levied tax that may arise on the profit or gain you make when you sell or otherwise ‘dispose of’ an asset which is worth more than it was when you acquired it.

Disposal of an asset will be when you sell it, give […]

November 12th, 2014|

How to Avoid or Reduce Capital Gains Tax

here are ways around paying Capital Gains tax short term, if you are married or in a Civil Partnership you may wish to transfer the asset to your spouse or have joint ownership there by having 2 lots of CGT exemption to set against any gain on disposal of an asset.

Chose your assets carefully, for […]

October 31st, 2014|

Capital Gains Tax Helpsheet & Forms

The following helpsheets on Capital Gains Tax can be downloaded from the HMRC website:

HS275 Entrepreneurs’ Relief (PDF, 99K) – Opens in a new window
HS276 Incorporation Relief (PDF, 62K) – Opens in a new window
HS282 Death, personal representatives and legatees (PDF, 80K) – Opens in a new window
HS283 Private Residence Relief (PDF, 81K) – Opens in […]

October 31st, 2014|

Capital Gains Rates and Allowances

There are effectively three rates for Capital Gains tax, 18% this applies to chargeable gains up to the basic rate tax threshold, 28% for gains falling in to the higher rate tax threshold and 10% for any gains qualifying for Entrepreneurs Relief.

You should bear in mind that the gain itself is treated as income for […]

October 31st, 2014|

Capital Gains on Shares and Investments

Capital Gains Tax rules on disposal of shares, stocks and unit trusts can be complicated although the Government has made some changes to try and simplify things.

If you are investing in shares you may wish to consider an ISA as any gains made on shares and unit trusts held in an ISA are completely exempt […]

October 31st, 2014|