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 take advice 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.
Disposals of residential property require a report to be made, and any tax due to be paid, to HMRC within 60 days of completion. We can help you with your reporting obligations and ensure any available reliefs are maximised.
Make the most of available tax reliefs, speak to our experienced Chartered Tax Advisers in Cambridge
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