Capital Gains Tax

Capital Gains Tax (CGT) is applied to any surplus made when an individual sells or transfers ownership of an asset to another entity. In other words, CGT is only applicable if the value of the asset at the time that it is sold is in excess of its value when it was acquired.

CGT schemes are available, which can prove to be very generous in terms of tax savings with carefully planned strategies. It is ideal that such strategies are in place at the time of the acquisition; however, remedial planning can be undertaken to off-set any potential negative situation. Notwithstanding the above, it is important to bear in mind that the government changes tax legislation on a frequent basis and, thus, advice provided in the past may not be applicable currently; therefore, it is important that you are confident that your advisors will keep you up-to-date with any changes in legislation.

Once we have been informed of your aims, our specialist tax team will be able to help you value your assets, put in place innovative plans to minimise your CGT liability and take advantage of any appropriate relief schemes. Once we have implemented a tax saving plan, we will proactively monitor it to ensure that it remains relevant under current tax legislation.

For further information, please contact our tax team.