Capital gains tax (CGT) is a tax on the profits made when you sell an asset that’s increased in value. It is applicable to most personal assets, such as property, art, stocks and shares. When it comes to business you may need to pay tax on assets such as land and buildings, plant and machinery, trademarks and even your business’ reputation.
Having said that, there are a number of different reliefs and opportunities available that could have a significant impact on the amount of tax you have to pay, which makes seeking expert advice a must.
For example, it is possible to claim tax deductions such as professional fees and enhancement expenditure – the money spent on an asset to increase its value – to reduce the amount owed.
In addition, entrepreneurs relief and principle private residence relief are just some of the reliefs available which could reduce the rate at which you have to pay CGT.
It may also be possible to delay payment of CGT, for example by spreading disposals over more than one tax year, or reinvesting the proceeds of a sale and claiming further reliefs.
At PRIMOtax, we’ll review your specific circumstances to calculate your current exposure to CGT and identify any reliefs you could be eligible for, while offering advice on how to maximise your annual exemption. We can also offer capital gains tax planning advice, including restructuring or changing ownership of assets to minimise any CGT implications.
To find out how PRIMOtax can manage your exposure to capital gains tax, give us a call or book an initial 15-minute consultation.
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