Capital Gains Tax Planning | Tax & Trusts | Irwin Mitchell

You may have to pay Capital Gains Tax when you sell or give away something you own, which has increased in value during the time you have owned it.

There are two key terms to understand when it comes to Capital Gains Tax:

  • Asset – this means something which belongs to you
  • Disposal – this means the selling or giving away of an asset

The tax is paid only on the increase in value during the time you owned the asset. It’s important to understand that even if you give away an asset, you might still have to pay Capital Gains Tax.

Examples of the types of assets you might have to pay Capital Gains Tax on include:

  • Stocks and shares
  • A buy-to-let property or second home
  • Antiques or works of art
  • Business assets

There are notable exemptions from Capital Gains Tax, such as the sale of your main residential home, as well as an annual allowance which you can use against gains you’ve made. You may also be able to offset certain costs you have paid against your gains – for example a landlord might be able to claim the cost of certain improvements to the property.

How We Can Help You Minimise Your Capital Gains Tax Bill

It’s important to seek advice before disposing of an asset to ensure you don’t pay more tax than you have to. We can guide you through the exemptions and allowances available to help minimise your Capital Gains Tax liability.

Our specialist tax professionals are experienced in giving advice on Capital Gains Tax. There are many ways to minimise your bill and they will be able to give you advice specific to your individual circumstances.

We offer a comprehensive Capital Gains Tax advice service, including:

  • Completion of Self Assessment tax returns
  • Maximising your personal allowance
  • Ensuring you’ve claimed all of your allowable expenses
  • Making the most of any losses you have previously made
  • Structuring the sale of assets to minimise tax
  • Transferring property ownership to your spouse
  • The sale of shares in a business

Get In Touch For An Initial No Obligation Discussion

Speak to one of our tax experts for a no obligation discussion of your circumstances. You can call us on 0370 1500 100 or request a call back. Alternatively send us an email and we will come back to you.

0370 1500 100