Capital Gains Tax

Capital gains tax is payable on gains made from the sale of capital assets such as property, shares, etc, but there is a wealth of different reliefs and planning opportunities available to eliminate or mitigate the capital gains tax payable, and other issues to consider, depending on your particular circumstances. These include:

• Entrepreneurs’ relief – available from 6 April 2008 on disposal of business assets/shares
• Venture Capital Trust (VCT) investments
• Enterprise Investment Scheme (EIS) investments
• Principal Private Residence (PPR) relief/elections – relief on disposal of property used as a main residence
• Lettings relief – relief on disposal of a PPR that has also been let out
• Relief for acquisition/disposal costs such as professional fees, and capital enhancement expenditure
• Exemptions – use of annual exemption, exemption for chattels, spousal asset transfers, and associated planning
• Losses – calculation and claiming of losses to set against gains made and to be carried forward
• Negligible value claims – claiming loss relief for assets that become worthless
• The treatment of company share holdings – pooling, and the rules for shares acquired via employee share schemes
• Rollover relief on the gift of assets and the sale/reacquisition of business assets
• Temporary non-residence rules/planning on emigration from the UK and for individuals working abroad
• Use of offshore trusts/companies/pension vehicles planning
• Non-domiciled individuals – planning relating to the remittance basis of taxation, the use of foreign loss elections, etc.

 
If you would like to talk to us about capital gains tax, please do not hesitate to contact us.