Capital Gains Tax Returns in Bath
When you sell or otherwise dispose of a capital asset, such as a second property, or a share of a business or company, you may be required to pay Capital Gains Tax (CGT) on the gain you make.
There are two rates of CGT - 18% for basic rate taxpayers, and 28% for higher and additional rate taxpayers. However, certain disposals may be eligible for a lower CGT rate of 10%. If you have CGT to pay, you are required to send the information within an income tax self assessment Tax Return to HM Revenue & Customs. It is also important to maintain appropriate records.
With our assistance, it may be possible to reduce your CGT liability. There is an annual CGT allowance, also known as the annual exempt amount, which is available to every individual before any CGT is payable (please contact us for the most up-to-date figures).
R D Owen and Co in Bath can offer proactive advice on making the most of your income and capital gains tax allowances, while also taking advantage of the available reliefs and exemptions.
We can suggest a range of strategies to reduce your CGT bill, which may include:
- Transferring assets to your spouse or civil partner, or holding them in joint names
- Choosing the best timing for disposal
- Investing in assets which are CGT-exempt
- Using trusts
- Making use of losses
- Entrepreneurs' Relief
- Advising on a range of other reliefs, which can defer or eliminate capital gains
Certain conditions apply to these strategies, and it is always advisable to consult an experienced tax professional before taking any action. As specialists in the area of capital gains tax, R D Owen and Co in Bath can offer advice and assistance with all areas of CGT, including completing your Tax Return, calculating the CGT due on a disposal, keeping the right records, and making a claim for losses.
Please contact R D Owen and Co in Bath today for help and assistance with your CGT requirements.