Capital Gains Tax
This may be the first time you've had to contact an accountant to help you with your tax affairs. Selling a second property, company shares or other assets often triggers a capital gains tax liability which is a complicated area of tax law.
RDP can offer a free-of-charge telephone consultation to discuss your Capital Gains Tax situation as well as explaining the services we can offer to help comply with your obligations to HM Revenue & Customs and plan to reduce your overall tax burden.
Here are some very basic facts about personal Capital Gains Tax:
1. The rate of Capital Gains Tax when selling residential property is either 18% or 28% depending on whether you are a basic rate tax payer or higher rate tax payer; the rate when selling other assets is either 10% or 20%;
2. Capital Gains Tax is payable on 31st January following the tax year. The tax year runs from the 6th April to 5th April.
3. Each individual can make a capital gain of £11,300 in the current tax year before paying any capital gains tax;
4. There are a variety of reliefs available on the disposal of certain assets;
5. There are ways in which Capital Gains Tax can be deferred.
Call now on 01206 578442 and ask for Richard or Derek for an informal chat about your circumstances.
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Please contact us if you need further advice, have any questions about our services, would like a free consultation or a fixed fee quote.
