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    CAPITAL GAINS TAX

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    Capital Gains Tax is a tax on the profit when you sell (or ‘dispose of’) something (an ‘asset’) that’s increased in value.

     

    It’s the gain you make that’s taxed, not the amount of money you receive.

     

    You need to pay Capital Gains Tax when you sell an assts if your total taxable gains are above your annual capital gains tax allowance.

     

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

     

    You do not usually pay tax when you sell your residence.

     

    If you’re a higher or additional rate taxpayer you’ll pay:

    • 28% on your gains from residential property.
    • 20% on your gains from other chargeable assets.

     

    If you pay basic rate Income Tax

     

    If you’re a basic rate taxpayer, the rate you pay depends on the size of your gain, your taxable income and whether your gain is from residential property or other assets.

     

    This can often involve complex calculations. We’ll do the calculations for you or tell you if the asset is exempt.

     

    Simply click CONTACT and enter your details below then we’ll contact you to arrange a no-obligation Meeting.

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