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).

Visit Simon’s Profile

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

    This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply. By clicking submit you agree to our Website Terms & Conditions and Privacy Policy.