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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The 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 from CGT. You may also consider a ‘gilt edged’ security such as National Savings Certificate, Premium Bonds or Corporate Bonds as most of these are also exempt from CGT.
What rate of Capital Gains Tax do I pay? Following the Emergency Budget in June 2010 a second higher rate of Capital Gains Tax was introduced. The new higher rate is 28% and this is payable on the amount of gain which exceeds the basic rate tax threshold of £37,000. You should bear in mind that the gain itself is treated as income for the purpose of calculating the amount of Capital Gains Tax you will pay. Everyone does however receive an annual exemption, for both 2009/10 and 2010/11 this is £10,100 which saves you £1,800 in Capital Gains Tax.
Capital Gains Tax helpsheets 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 a new window HS284 Shares and Capital Gains Tax (PDF, 71K) - Opens in a new window HS285 Share reorganisations, company takeovers and Capital Gains Tax (PDF, 84K) - Opens in a new window HS286 Negligible value…
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 it away as a gift, or exchange it for something else resulting in the asset will then belong to somebody else. The gain you make will be taxable, you will not have to pay capital gains tax on the total amount of money you…
There 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 instance investing in an appreciating classic car will mean you will not pay any capital gains when you sell it as there is no capital gains on the sale of motor cars. Other assets such as paintings and antiques are exempt from CGT if…
With the deadline for submission of 2011 Tax Returns soon approaching, we thought it would be helpful to advise of the potential issues you may come up against if you do not submit your Return on time
Since April of this year, all VAT-registered contractor businesses with a turnover of £100,000, along with all new registrants of the tax, have been required to file VAT returns and make VAT payments online.
