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Assets that you own are known as capital items. A gain is an increase in its value. Capital Gains Tax is a tax on that gain.
You normally only pay Capital Gains Tax when you no longer own the asset - that is when you have disposed of it, either by selling it or giving it away.
Capital Gains Tax is chargeable on the difference between its worth (or market value) when you received it, and the value at the time of disposal. The tax is chargeable whether you receive money for it or not.
There are many different circumstances where you could be liable to Capital Gains Tax, including disposing of assets that you have inherited or been given.
We provide up-to-date advice on the best way to handle your assets and help you plan for the future, ensuring your tax liability is minimised. We will also take care of all compliance issues with HM Revenue and Customs on your behalf.
If you are interested in this service and would like discuss your requirements further, please contact us in our Farnham office by phone, email or using our online enquiry form.
15 Jan 2021
HMRC says it will accept coronavirus (COVID-19) as a reasonable excuse for the late filing of self assessment tax returns.
14 Jan 2021
Tax payments worth over £69 million are being spread through HMRC's Time to Pay facility, according to the tax authority.
13 Jan 2021
HMRC has reminded employers that there are now monthly deadlines for claims for furloughed staff under the Coronavirus Job Retention Scheme (CJRS).
Get in touch with Branston Adams to arrange your free consultation.