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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.
29 Feb 2024
Reports have suggested that Chancellor Jeremy Hunt is considering cutting national insurance in the Spring Budget on Wednesday 6 March.
28 Feb 2024
HMRC has revealed that March is the most popular month for Marriage Allowance applications, with almost 70,000 couples applying in the third month of 2023.
27 Feb 2024
The so-called 'Tourist Tax' is unlikely to be reversed in the Spring Budget, Nigel Huddleston, Financial Secretary to the Treasury, has warned.
Get in touch with Branston Adams to arrange your free consultation.