In essence you will merely defer the date Capital Gains Tax is paid or transfer it on to another person.

Capital Gains Taper Relief

Taper relief was a very important relief which was available to business and individuals alike. It allowed a percentage deduction to made from the gain based on the number of years an asset was held.  Taper relief was abolished in the Finance Act 2008 any disposals after the 6^th April cannot benefit from Taper Relief. At the same time Entrepreneurs Relief was introduced, this still had the effect of reducing the marginal rate of Capital Gains Tax to 10% on the first £1,000,000 of gain from the sale of a business. The allowance was increased to £2,000,000 and finally to £5,000,000 by the current government.

Entrepreneurs Relief

Entrepreneurs Relief is a lifetime allowance, this means that you can dispose of as many business assets as you wish over your lifetime but the sum total of relief available is £5,000,000 so if you sell business assets over your life time with a gain of say £7,000,000 you will receive relief on just £5,000,000 you will pay 40% CGT on the balance.

Use Tax Advantage for Disclosing your Capital Gains

Tax Advantage offers:

• Advice on Capital Gains.
• Ensure you use all available allowances and exemptions
• Fast efficient service

Tax Advantage will calculate exactly how much Capital Gains/Losses you have. Once your Tax Return has been approved by you we will submit the form to HMRC advising you of how much to pay and when to pay it.

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