Capital Gains Tax (CGT) is applied on the increase in value of an asset from the time it is acquired to its disposal. Individuals are entitled to an annual Capital Gains Tax exemption.
What is Capital Gains Tax?
Capital Gains Tax (CGT) is the tax applied on the increase in value of an asset from the time it is acquired to its disposal. This disposal can be through a sale or even as a gift. Each individual is entitled to an annual CGT exemption, which can be used to offset any gains made within that same tax year.
Contact us today to discuss how our capital gains tax services can support your financial planning and compliance needs.
Benefits of Using Our Services
Managing Capital Gains Tax can be not only time-consuming but also complicated, often leading to frustration and confusion. Our dedicated team possesses extensive knowledge and experience in navigating the complexities of CGT, so you can save valuable time that can be better spent on other important matters in your life or business. We take the burden off your shoulders, allowing you to focus on what truly matters.
Our team uses their expertise to identify opportunities that can help minimise your Capital Gains Tax liability. We take a strategic approach to your tax situation, potentially saving you money in the long run. Our goal is to ensure you keep more of your hard-earned money while remaining compliant with tax regulations. With our expert guidance, you can be rest assured that your tax obligations are in capable hands.
Capital Gains Tax Returns for UK Residential Property
When you dispose of UK residential property, you are required to report the gains to HMRC within 60 days of completion. We assist with calculating these gains, advising on deductible expenditures, and preparing and filing returns on your behalf.
Advanced Capital Gains Tax Planning
We provide advice on potential Capital Gains Tax liabilities before you dispose of any chargeable assets, whether they are chattels, land, property, or shares. Our planning services aim to help mitigate your CGT exposure where possible.
Business Asset Disposal Relief (Formerly Entrepreneur’s Relief)
If you are selling your business or shares in a trading company, you may qualify for Business Asset Disposal Relief. This relief allows you to pay a lower CGT rate of 10% on the first £1 million of gains. We will determine your eligibility for this relief and assist in calculating the gain.
Business Asset Rollover Relief
When one chargeable business asset is sold and another purchased, you may be eligible for rollover relief from Capital Gains Tax. Our team can advise you on your eligibility and explain the benefits and tax implications.
Business Asset Holdover Relief
If you are transferring assets to family members without receiving any consideration, this still counts as a disposal for Capital Gains Tax purposes. Holdover relief may apply, deferring CGT if certain conditions are met. We can review the conditions and prepare the necessary holdover claim forms.
Exchange of Joint Interests in Land/Property
When individuals jointly own land or buildings and decide to reorganise their holdings so that each person becomes the sole owner, Capital Gains Tax relief may be available. We provide advice on the resulting CGT liabilities and how to apply relevant reliefs.
Expert Witness Reports for Divorcing Couples
In cases of relationship breakdown where assets need to be divided, a judge may order a formal Capital Gains Tax report. WR Partners have extensive experience in preparing these reports.
Get in Touch
We love meeting new, exciting businesses. Get in touch with our team to see how we could enhance and protect your financial position.
Or if you’d prefer to speak to someone directly just give us a call on: 08000 664 664 or email: hello@wrpartners.co.uk.
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