Capital Gains Tax
If you sell an asset such as shares or a property and make a profit, you may be liable to pay a Capital Gains Tax (CGT).
Your CGT liability is calculated as a percentage of the profit you make and can be quite a large portion of the sale proceeds, leaving you less money to spend than you might have anticipated. CGT may also be payable on gifts of assets. This means that although you may not receive any proceeds from an asset you give away, you may still be liable to pay an amount of CGT to HM Revenue & Customs.
Our Tax Specialists will calculate the amount of tax you need to pay on a disposal and can advise you on the planning opportunities available to ultimately help reduce the amount of tax that may be due overall.
For advice on the most tax efficient way to dispose of assets, or to find out how much CGT you might have to pay, please contact one of our tax team.