Capital Gains Tax

When you sell an asset such as a property or shares, any increase in value (your profit) may be subject to Capital Gains Tax (CGT). This includes most high-value personal items and assets owned by your business.

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Are you thinking of selling an asset? The Pomroy Associates team excels in minimising your Capital Gains Tax obligation, providing:

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• Opportunities to reduce CGT where possible, via various tax reliefs and timing.
• Accurate navigation of the rules involved, keeping you fully compliant. This includes when you should notify HMRC of any profit made
• Optimum use of the allowances you and/or your business qualify for. This involves thresholds for profit (CGT annual exemption) and income gained (exceeding an annual value)
• Submission of information to HMRC either as a standalone item or as part of your Self Assessment tax return.

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A special note about property

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Usually, Capital Gains Tax is not payable upon the sale of your home. For other property sales, including second homes and buy-to-let properties, Residential Capital Gains Tax (RCGT) may apply.

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If you own and sell a “non-resident” property, the sale must be reported to HMRC, usually within 60 days of completion. Landlords and landowners … this impacts you!

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Property is a specialist focus of Pomroy Associates. As well as helping to managing RCGT we also keep you updated regarding allowable expenses when selling your non-resident property.

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Are you planning to sell an asset? Let’s discuss the options.

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