Capital Gains Tax
Are you looking to minimise your exposure to Capital Gains Tax?
RPGCC’s tax advisers help you plan for significant disposals and acquisitions.
If you are considering making an asset disposal now is the time to consider the Capital Gains Tax implications.
At RPGCC we regularly help clients plan for the disposal of assets such as property, valuable artwork, stocks and shares and other valuable assets.
When planning Capital Gains Tax we look at areas such as chargeable gain reductions and tax-deductible allowances and reliefs.
How can RPGCC help with CGT on buy-to-let properties?
RPGCC’s tax advisers will look at your unique position and consider whether as a landlord you can reduce your exposure to Capital Gains Tax on the disposal of the property.
When it comes to property tax law states that you must report your disposal and pay any tax due within 60 days, our tax advisers will be able to help you with this process if required.
What Capital Gains Tax reliefs might be available to me?
There are several tax reliefs available to offset Capital Gains Tax these might include Gift relief, private residence relief, lettings relief and business asset disposal relief (Entrepreneurs’ Relief).
The list above is merely the tip of the iceberg when it comes to tax relief, of course, you or your business will have to meet any qualifying criteria and this can be discussed with one of our tax advisers.
What happens if I want to sell a property now?
If you are keen to dispose of a property now, we would recommend that you seek professional advice before proceeding.
Our tax advisers will listen to your scenario, consider the history of the property and make an assessment of your exposure to tax. We will also help you understand any alternatives and the most effective way in which you can minimise your tax liabilities.
Who do you help with Capital Gains Tax advice?
Just about everyone has an exposure to Capital Gains Tax at some stage in their life.
As an individual you may be liable to Capital Gains tax on the profit you make from the sale of property (that is not your main home), shares, cryptocurrency, NFTs.
As a business owner you may be liable to Capital Gains Tax on the sale of your business (whether it is the whole company or assets). This might include land and building, machinery and plant, fixtures and fittings, shares and even Intellectual Property such as trademark registrations.
As a landlord or property investor your exposure to Capital Gains Tax will be if and when you dispose of a commercial or residential property that has increased in value since the date of purchase. You will only pay CGT on the gain and some costs are deductible. You might also be able to apply certain relief such as, Private Residence Relief (PRR) and/or Lettings Relief.
Capital Gains Tax is a complex area of tax and you should always seek professional advice before proceeding or failing to take action.
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