Capital Gains Tax
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.
Our Direct Tax Specialist
Simon has over 25 + years of experience working within City law firms and accountancy practices. He is a member of the Association of Taxation Technicians, Chartered Institute of Taxation, Federation of Tax Advisers, Institute of Financial Accountants and the Institute of Public Accountants (Australia).
Latest news & insightsView all news & insights
Discover the Benefits of R&D Tax Reliefs: A Business Owner’s Guide
Unlock the potential of R&D tax reliefs and drive your business innovation forward. Explore our simple guide to understand how you can benefit from tax incentives designed to support your company’s growth through research and development. Learn about the claim process and how our expert advice can make it seamless for you
Deeks VAT News Issue 37
October 2023 – Issue 37 Keeping you up to date on VAT changes In this months newsletter we cover the following: Difficulties with DIY Housebuilders’ claim – The Spani case Bull Brand Ltd v HMRC  UKFTT 748 (TC): Request for an appeal out of time Partial exemption guidance updated Alternative Dispute Resolution (ADR) What […]
The Tour Operators Margin Scheme is in the courts again with the Golf Holidays Worldwide Limited  UKFTT 00701 (TC) case
Another interesting Tour Operators Margin Scheme (TOMS) case, relating to the fact that taxpayers can choose to keep wholesale supplies outside or within TOMS. The appellant accounted for its supplies within TOMS, but later filed an error correction notice (ECN) to reverse that position when it realised it would be better off accounting for the […]
Want to find out how we can help?
Here at Deeks VAT Consultancy we can help all types of businesses, either personally or acting on your behalf for your clients. Drop us a message and one of our specialists will be in touch to discuss how we can help.
Jane: +44 (0) 7710 553831
Complete the following form and we will be in touch as soon as we can