Capital Gains Tax

Capital Gains Tax (CGT) is a very broad tax and can apply to the disposals of property, businesses, shares and personal possessions. CGT can also cover gifts, transfers, and even assets exchanges.

Are you a landlord looking to sell a buy-to-let property - Perhaps you are considering transferring your property to a loved one - Concerned with the amount of Capital Gains Tax that you’ll have to pay...

CGT is complex tax, but there are many reliefs and exemptions which can help reduce or even nil your liability. We can talk you through these in plain English, prepare computations and calculate any tax that may be payable. Shires can work with you right from the beginning, advising on the structure and timing of the disposal, through to agreeing and reporting the disposal to HMRC.

When disposing of capital assets, there are lots of costs that you can offset, such as. 

  • Use your CGT allowance
  • Enhancement expenditure
  • Legal and Proffesional costs
  • Offsetting previous years losses 
  • Use of ISA allowance
  • Manage your income tax band

There are also many tax reliefs that we calculate when providing you with capital gains tax advice. 

  • Entrepreneurs relief
  • Indexation relief
  • Investors relief
  • Private residence relief
  • Roll over relief
  • Hold over relief

Our experienced team would be happy to discuss your options with you and can help you plan the disposal of your assets, always ensuring you minimise your tax position. Call us on 01270 820273 for a free no obligation discussion.

30-day payment window from April 2020

From 6 April 2020, anyone who makes a taxable capital gain or loss from UK residential property will have to report to the HMRC and pay any tax owed within 30 days of the completion of the sale or disposal.

This must be done by submitting a ‘residential property return’ and making a payment on account. This significantly cuts down the time you have to calculate and report your CGT. The 30-day rule only applies to UK residential property sold on or after 6 April 2020, and only where CGT is chargeable.