Capital Gains Tax (CGT) arises when you sell an asset which has appreciated in value especially with the ever- increasing ‘second home ownership’ generation, and the ever-growing asset base of the UK, CGT is becoming a more regular (and unwanted) feature in taxation matters for both individuals and companies. You don’t always have to sell something. You may also make capital gain when you give away such an item, or sell it at less than its market value.
Tax advisors at KINGSWAY can ensure that any exposure to CGT is minimise using the various reliefs available. With this in mind there are various simple planning techniques that can be used, and that are often overlooked:
Gifts between husbands and wife or registered civil partners and also transferring assets between spouses to take advantage of each individual’s capital gains tax annual exemption
Entrepreneur’s relief-it reduces the amount of Capital Gains Tax on disposal of certain shares, securities and business assets.
Deferral reliefs- which allows us to defer the capital gain arising on certain assets
Rollover and holdover reliefs-these can be applied when certain qualifying business assets are disposed of, and certain qualifying business assets are acquired within a qualifying time period
We are able to advise on this complex issue to ensure you receive optimum relief when you dispose of your capital assets.