Capital gains
Understanding your obligations
If you make a profit when you sell or transfer an asset (like property, stocks or shares), you could have to pay Capital Gains Tax (CGT) on it.
Because CGT applies when you sell something that’s increased in value, it’s relevant to both businesses and individuals – from professional landlords or property developers to business owners looking to sell up.
CGT only applies to the amount of profit you’ve made, not the entire sum that you sold your asset for.
Even gifting assets to family members can lead to a CGT lability.
Planning ahead can be absolutely crucial to reducing the amount of CGT you have to pay. That’s why we always recommend working with an accountant before you go ahead with any sale or transfer – so we can fully review your tax position and determine which concessions, structures, or allowances you can take advantage of.
Why do I need an accountant for Capital Gains?
CGT is a complex area with many rules, exemptions and caveats. A specialist advisor can help sift through every detail to make sure you’re always compliant but never paying more CGT than you need to – saving you time, stress and money in the long run.
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