When you dispose of certain assets, there may be tax to pay on the “profit” or “gain” you have made since purchase. This tax is known as Capital Gains Tax or CGT.
Not all assets are subject to Capital Gains Tax. Your main private residence is excluded, however examples of assets that are subject to CGT include investment property or a second home, shares and most personal possessions over £6,000.
The allowances, tax rates and reporting requirements for CGT are different from those for Income Tax and we recommend that you seek professional advice on how to minimise gains and in turn the related tax bill.
TF Accounts will happily complete an initial review for you and provide advice and guidance.
If you have any CGT related requirements, please contact us to discuss further.
