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 Capital gains tax advice

Capital gains tax advice

Our tax advisers can help calculate any capital gains tax due and ensure that any sales or gifts are reported to HMRC correctly while ensuring efficient use of reliefs.

Overview

Help with reporting capital gains tax

We can help calculate any tax due and ensure that any sales or other disposals (such as gifts of assets for no consideration) are reported to HMRC. Reporting losses is as important as reporting gains. You may be required to report a sale of an asset even if a gain or loss does not arise. We might also be able to help with capital gains tax planning in advance of any disposal of an asset to ensure the most efficient use of available reliefs and allowances.

Capital Gains tax is a tax on profits when you sell an asset which has increased in value and the rate charged depends on your overall income, the gains level and the nature of the asset sold. We can help calculate the tax due and ensure that any sales are reported to HMRC after claiming all possible reliefs. Everyone is entitled to an Annual Exemption from this tax and the allowance this year £12,300. Even if your gain is within the allowance, you may still need to report it to HMRC.

Some assets such as cars, your home, ISA investments, Premium Bonds and Lottery winnings are not chargeable to capital gains tax.

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FAQS

Common questions about capital gains tax
What is capital gains tax?

Answer

Capital Gains tax is a tax on profits when you sell an asset which has increased in value.

Everyone is entitled to an Annual Exemption from this tax and the allowance this year (2021/22) is £12,300.

What is the capital gains tax rate in Scotland?

Answer

You pay a different rate of tax on gains from residential property than you do on other assets.

For higher or additional rate taxpayers, you will pay 28% on residential property gains and 20% on gains from other chargeable assets.

For basic rate taxpayers the rate you pay depends on the size of your gain and your taxable income.

Can you be exempt from capital gains tax?

Answer

Gifts or sales to a spouse or civil partner do not generally attract capital gains tax, though they may have to pay tax on any gain if they later dispose of it.

You do not have to pay capital gains tax on assets you give away to charity.

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CONTACT US

Get in touch

Call us for free on 0330 159 5555 or complete our online form below to submit your enquiry or arrange a call back.

Speak to us today on 0330 159 5555

Get in touch

CONTACT US

Get in touch

Call us for free on 0330 159 5555 or complete our online form below to submit your enquiry or arrange a call back.