Capital Gains Tax
Capital Gains Tax is payable to the Inland Revenue when an individual or a company sells or transfers an asset to someone else.
You only have to pay Capital Gains Tax on disposing of an asset if you have made a chargeable gain. Typically, you make a gain if the asset is worth more than it was when you acquired it.
Certain kinds of asset do not give rise to a chargeable gain when you dispose of them. For example, you will not normally have to pay Capital Gains Tax if you sell your home.
The rate of Capital Gains Tax depends on your circumstances. In general terms, you pay tax at whatever your highest rate of tax is.
Complicated and detailed calculations are required in order to conclude how much Capital Gains Tax is payable on a disposal.
In addition, there are many reliefs and exemptions available, which can reduce or completely wipe out your tax bill.
CWA can ensure that you pay the least tax possible. In many cases it is vital to have expert advice, even before you sell or transfer an asset.