Capital Gains Tax

Capital Gains Tax

Capital Gains Tax (CGT) is a tax on the profit from a sale of an asset. In practice, the most common disposals will be of land and buildings, but the tax would equally apply to the sale of other assets such as disposal of shares and cryptocurrencies. Any losses incurred on disposal of assets can be carried forward to set off against the future gains, so it is very important to report them appropriately on your tax returns.

The CGT is a complex area, there are many reliefs and exemptions which may lead to significant tax savings therefore, you are considering selling a personal asset, we can advise you of the tax planning opportunities available to you before you make your disposal, in order to mitigate or reduce potential tax liabilities.