Capital Gains Tax Returns in Horsham
Capital Gains Tax (CGT) is a tax payable on the gain you make when sell or otherwise dispose of a capital asset, such as a share of a business or company, or a second property.
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 careful planning, it is possible to minimise the CGT bill. Every individual is entitled to an annual CGT allowance, known as the annual exempt amount, before any CGT is due (please contact us for the latest rates).
The experienced team at Giltinian and Kennedy in Horsham can help you to make the most of the available reliefs and exemptions, whilst also offering advice on how to capitalise on your income and capital gains tax allowances.
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
- Investing in assets which are CGT-exempt
- Using trusts
- Advising on a range of other reliefs, which can defer or eliminate capital gains
- Choosing the best timing for disposal
- Entrepreneurs' Relief
- Making use of losses
A number of conditions apply to these strategies, so it is important to seek the advice of an experienced tax adviser before taking action. Based in Horsham, Giltinian and Kennedy can assist with all areas of CGT, such as calculating the CGT due on a disposal, completing your Tax Return, keeping the right records, and making a claim for losses.
Please contact Giltinian and Kennedy in Horsham today for help and assistance with your CGT requirements.