In our experience, individuals often assume that they can sell (or give away) an asset without any tax implications or reporting requirements. Sadly, more often than not, this is not the case unless you’ve determined whether any of the following valuable tax reliefs are available to reduce or postpone your Capital Gains Tax (CGT) liability:
There are also different rates of CGT which apply depending on your income or the type of assets (and reliefs available) you are disposing of.
It is important to implement CGT planning before you dispose of an asset; please speak to us in advance to discuss eligible tax reliefs and to understand how your transaction will be treated for CGT purposes
Make the most of available tax reliefs, speak to our experienced Chartered Tax Advisers in Cambridge