Capital Gains Tax Returns in Wirral
Capital Gains Tax (CGT) is a tax levied on the gain you make when selling or otherwise disposing of a capital asset, for example a share of a business or company, or a second home.
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).
Based in Wirral, Dufton Kellner can deliver proactive advice to help you utilise your income and capital gains tax allowances, while also making the most of the reliefs and exemptions that are available.
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
- Choosing the best timing for disposal
- Investing in assets which are CGT-exempt
- Entrepreneurs' Relief
- Advising on a range of other reliefs, which can defer or eliminate capital gains
- Using trusts
It is always advisable to consult an experienced tax professional before taking any action as certain conditions apply to these strategies. Dufton Kellner 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 Dufton Kellner in Wirral today for help and assistance with your CGT requirements.