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Capital Gains Tax Planning
Capital Gains Tax can often be overlooked. This can lead to penalties and fines being imposed by HM Revenue and Customs.
Capital gains tax is charged on gains made on any property or assets between the date of acquisition and the date of disposal. The gain is then charged at 18% after the deduction of any available reliefs.
At Harvey Ingram, our capital gains tax solicitors can advise you on the complex reliefs, which require specialist and expert advice. They include:
| Spouse Exemption |
Any assets passing between spouses are free from Capital Gains Tax |
| Annual Exemption |
Each individual is allowed gains of £10,100 during the 2009/10 tax year without any charge to tax. This exemption increases every year. |
| Entrepreneurs Relief |
This is available on the disposal of certain business assets and can reduce the chargeable gain by 4/9ths |
| Gift Relief |
If particular business or agricultural property assets are gifted to certain people, it may be possible to defer any gain |
| Replacement of Business Assets Relief |
Assets which are sold or disposed of and replaced with other business assets within a specific time period |
Our specialist capital gains tax planning lawyers can advise on the following aspects:
- Entrepreneurs relief on the disposal of business assets
- Sale of a property including your own home or an investment property
- Capital gains tax consequences of inheriting from an estate
- Gifts of assets to family members or friends
- Tax efficient planning between spouses
Contact Us - Capital Gains Tax
For more information on capital gains tax planning, please contact, please contact one of our capital gains tax planning lawyers.
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