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Capital Gains Tax

Capital Gains Tax is a tax on the profit you make when you sell an asset. Careful planning of capital asset disposals to utilise your annual personal CGT allowance is essential to minimise your capital gains tax liability. With a personal allowance of £10,600 per tax year, any chargeable gains in excess of this are imposed at the following Capital Gains Tax rates:

18 per cent and 28 per cent for individuals (the tax rate you use depends on the total amount of your taxable income and gains)
28 per cent for trustees or personal representatives
10 per cent for gains qualifying for Entrepreneurs' Relief

Our experts at Prime can advise on the best solutions to manage your asset disposal. From offsetting to investing, transfers to timings, contact Prime for a free initial consultation to discuss your Capital Gains requirements.

CGT on Separation

It is also important to note that you may be subject to paying CGT if you are separating from your partner or spouse. This will depend on whether any capital transfers takes place during the tax year of separation, after separation or after your divorce.

Our fact sheet, CGT on Separation, will provide additional information but for completely confidential CGT advice concerning your own circumstances, please contact Ruth Chapman or Alf Pare at Prime Chartered Accountants.

Call Prime Today - we're here to help

For confidential advice regarding Capital Gains Tax, please contact Ruth Chapman or Alf Pare at Prime.

Coventry - 024 7651 8555 or Solihull - 0121 711 2468

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