Capital Gains Tax Returns in Bournemouth
When you sell or otherwise dispose of a capital asset, such as a second property, or a share of a business or company, you may be required to pay Capital Gains Tax (CGT) on the gain you make.
There are two rates of CGT - 18% for basic rate taxpayers, and 28% for higher and additional rate taxpayers. However, certain disposals may be eligible for a lower CGT rate of 10%. If you have CGT to pay, you are required to send the information within an income tax self assessment Tax Return to HM Revenue & Customs. It is also important to maintain appropriate records.
With our assistance, it may be possible to reduce your CGT liability. There is an annual CGT allowance, also known as the annual exempt amount, which is available to every individual before any CGT is payable (please contact us for the most up-to-date figures).
Paget Reid York in Bournemouth can offer proactive advice on making the most of your income and capital gains tax allowances, while also taking advantage of the available reliefs and exemptions.
We can suggest a range of strategies to reduce your CGT bill, which may include:
- Transferring assets to your spouse or civil partner, or holding them in joint names
- Making use of losses
- Using trusts
- Advising on a range of other reliefs, which can defer or eliminate capital gains
- Investing in assets which are CGT-exempt
- Entrepreneurs' Relief
- Choosing the best timing for disposal
It is always advisable to consult an experienced tax professional before taking any action as certain conditions apply to these strategies. Paget Reid York specialise in the area of capital gains tax, and our dedicated team would be happy to offer advice and assistance with all areas of CGT, such as completing your Tax Return, keeping the right records, calculating the CGT due on a disposal, and making a claim for losses.
Please contact Paget Reid York in Bournemouth today for help and assistance with your CGT requirements.