Capital Gains Tax Adviser
Capital Gains Tax Adviser
Capital gains tax (CGT) is a tax on profits or capital gains that you make when you sell or give away certain capital assets that you own.
Each individual person, spouse, civil partner and trust has their own allowances and is taxed separately.
What is taxed?
In simple terms, the sale price or value on the date you give away the asset, less an allowance for inflation, less your yearly tax free allowance, less the cost of purchasing the asset is the profit or gain. It is this that is taxed.
How much do I pay? Your profit or gain is added to your income. You then pay tax at your highest rate of income tax.
Capital Gains Tax CGT changes 2008: With effect from 6 April 2008, there have been significant changes to Capital Gains Tax and taper relief, including the removal of taper relief for Individuals, Trusts and Business Assets and the reduction of the real rate of tax to 18%.
As a result, you need to contact us for tax advice today with regard to all your investments as your tax position may have changed significantly.
Buy a tax planning pack in the shop or request tax advice today.
