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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 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.
18 Jun 2021
The government is to extend the ban on commercial evictions introduced during the coronavirus (COVID-19) pandemic until March 2022, the Treasury has confirmed.
17 Jun 2021
More than 282,000 working families used a Tax-Free Childcare (TFC) account during March, according to figures from HMRC.
16 Jun 2021
Royal Assent of Finance Act 2021 was granted on 10 June, bringing the extended loss carry-back, super-deduction and other measures into force.
Get in touch with Branston Adams to arrange your free consultation.