|Capital Gains Tax is payable to the
Inland Revenue when an individual or a company sells or transfers
an asset to someone else.
You only have to pay Capital Gains Tax on disposing of an asset
if you have made a chargeable gain. Typically, you make a gain
if the asset is worth more than it was when you acquired it.
Certain kinds of asset do not give rise to a chargeable gain
when you dispose of them. For example, you will not normally
have to pay Capital Gains Tax if you sell your home.
The rate of Capital Gains Tax depends on your circumstances.
In general terms, you pay tax at whatever your highest rate of
tax is. Complicated and detailed calculations are required in
order to conclude how much Capital Gains Tax is payable on a
In addition there are many reliefs and exemptions available,
which can reduce or completely wipe out your tax bill. We can
ensure that you pay the least tax possible. In many cases it
is vital to have expert advice, even before you sell or transfer
Please contact us to discuss how we can help you,
for more information or to arrange a no obligation meeting.