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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.
21 Sep 2021
A survey carried out by the Confederation of British Industry (CBI) has revealed that three quarters of UK businesses are concerned about the impact of labour shortages on competitiveness.
20 Sep 2021
The government's scheme that enables small businesses to recoup statutory sick pay costs caused by the coronavirus (COVID-19) will end at the end of September.
17 Sep 2021
Adopting a tax year which is either aligned with the calendar year or with a calendar month-end would have clear benefits, according to a review from the Office of Tax Simplification (OTS).
Get in touch with Branston Adams to arrange your free consultation.