Capital Gains Tax Advice

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CGT

Navigating the dynamic tax landscape is essential, especially when it comes to staying informed about capital gains tax requirements. Whether you are contemplating the sale of property, shares, or business assets, Leewop has a dedicated team of tax specialists ready to assist you with your capital gains tax needs.

CGT

What is Capital Gains Tax?

Capital Gains Tax (CGT) is a tax applied to the profits generated by individuals through the sale of assets. Individuals benefit from a CGT Annual Exemption each year, up to which any gains from asset sales remain untaxed. The CGT annual exemption for the 2022/23 tax year stands at £12,300. Beyond this exemption, CGT is levied at rates of 10% for basic rate taxpayers and 20% for higher and additional rate taxpayers. For sales of residential property, these rates increase to 18% and 28%, respectively.

CGT

CGT applies to the gains realized from various assets, encompassing:

Shares

Land & Property, including both residential and commercial properties

Personal assets


Capital Gains Tax on UK Residential Property

If you dispose of a property in the UK that hasn't always been your primary residence, you will typically be liable to pay CGT on any profit generated.

There are specific regulations for reporting and settling CGT on UK residential properties. Starting from October 2021, individuals selling properties must report the sale and settle any applicable tax within 60 days of completion.


Business Asset Disposal Relief

When selling a property in the UK that hasn't always served as your primary residence, you'll typically be obligated to pay Capital Gains Tax (CGT) on any profit realized.

Specific regulations govern the reporting and payment of CGT on UK residential properties. Effective October 2021, individuals selling properties are required to report the sale and settle any applicable tax within 60 days of completion.

Reach out to our team of technical tax experts for further information.


Explore Leewop’s Capital Gains Tax Service

Calculating Capital Gains Tax (CGT) can be complex. If you're aiming for maximum tax efficiency, our experts are here to assist you through the process.

We will ensure that the process is completed quickly and accurately, avoiding incurring penalties from HMRC. This is particularly important when it comes to CGT on UK property sales as the timeline for compliance is so tight.

Our expert Capital Gains Tax service includes:

Calculating the CGT amount payable to HMRC.

Reporting the disposal to HMRC.

Handling of HMRC investigations (covered under Tax Investigation Insurance).

Personal assets.

When assessing the Capital Gains Tax bill, we thoroughly explore all potential avenues for tax efficiency, including:

  • Full evaluation of income, asset value and circumstances
  • Identifying all applicable tax deductions (such as professional fees)
  • Assessing eligibility for reliefs and exemptions
  • Reviewing any previous losses to reduce your bill
  • Advising on asset ownership to maximise relief within a family
  • Reviewing the use of trusts to reduce CGT

Why choose Leewop?

Our dedicated client manager will handle your Capital Gains Tax (CGT) obligations efficiently, minimizing your effort and hassle. Leveraging our in-depth CGT knowledge, we often identify reliefs that can lead to substantial tax savings for our clients.

This personalized service can be seamlessly integrated with other accountancy services, ensuring you benefit from a team of friendly, award-winning chartered tax advisors who understand your business, working towards improved financial outcomes.

At Leewop, our chartered accountants and chartered tax advisors are ready to provide you with comprehensive advice, alleviating concerns about the state of your tax affairs.

  • A single point of contact for all of your enquiries
  • A service that is tailor-made for you
  • Quick response time
  • A dedicated tax department with a wealth of experience and expertise
  • Business heritage dating back over 120 years
  • UK -based accountants with national and international reach
  • Saving you valuable time with technology solutions
  • Hands-on partners who give you the best advice

What’s next?

Arrange a consultation to find out how we can help you. Call us today on +92 302 4012116 or email contact@leewopconsultancy.com.

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