Capital Gains Tax (CGT) is a tax on the profit when you sell or dispose of something that has increased in value. The gains you make are taxed not the amount of money you receive. It is a complex tax as there are many factors involved in calculating this tax.
Our professionals are trained to calculate capital gains tax considering all the allowances and factors involved in the calculation. We will inform our clients if and when this tax is due and what allowances are available to them. You only have to pay capital gains tax on your overall gains above your tax-free allowance currently £12,300.00 or £6,150 for trusts. The tax rate also changes depending on the size of your gains and your tax bracket (from 10% to 20% or 18% to 28% on residential property).
If you have any queries regarding capital gains tax just give us a shout and we will come to your aid.