Our specialists can assist in a range of Tax areas

CGT is chargeable whenever someone makes a profit from disposing of all or part of a significant asset. This profit is called a capital gain, being the difference between the amount of the asset’s original value and the amount realised on the sale. “Disposing” of an asset doesn’t only mean selling it, but can also include exchanging it for something else, transferring it to someone else or giving it away. 

CGT is also chargeable on any compensation received for an asset, such as insurance funds paid out on lost or destroyed items. Some types of asset are exempt. Plus, CGT is not chargeable if a company’s annual gains are less than its tax-free allowance. Residence status is also important, as some non-UK residents are also liable for CGT. 

What counts as an asset?

Type of asset that may incur CGT include: 

• Business assets 
• Shares (unless they’re in an ISA or PEP) 
• Commercial, rental or private residential property
• Personal assets (not including cars) worth more than £6,000 

The CGT regulations and liabilities on chargeable assets are many and varied, and include reliefs, exemptions, and differing rates. 

Deeks VAT Consultancy have the know-how and experience to help clients ascertain their liabilities and what reliefs are available to them.