Capital Gains Tax Returns in Leamington Spa

When you sell or otherwise dispose of a capital asset, such as a second property, or a share of a business or company, you may be required to pay Capital Gains Tax (CGT) on the gain you make.

CGT is currently levied at a rate of 18% for basic rate taxpayers, and 28% for higher and additional rate taxpayers. A 10% rate may be available for certain disposals. Where CGT is payable, you will need to submit information within an income tax self assessment Tax Return to HM Revenue & Customs. You should also make sure that you keep the appropriate records.

With our assistance, it may be possible to reduce your CGT liability. There is an annual CGT allowance, also known as the annual exempt amount, which is available to every individual before any CGT is payable (please contact us for the most up-to-date figures).

Michael Harwood & Co in Leamington Spa can offer proactive advice on making the most of your income and capital gains tax allowances, while also taking advantage of the available reliefs and exemptions.

We can suggest a range of strategies to reduce your CGT bill, which may include:

• Transferring assets to your spouse or civil partner, or holding them in joint names
• Advising on a range of other reliefs, which can defer or eliminate capital gains
• Choosing the best timing for disposal
• Entrepreneurs' Relief
• Using trusts
• Making use of losses
• Investing in assets which are CGT-exempt

Certain conditions apply to these strategies, and it is always advisable to consult an experienced tax professional before taking any action. As specialists in the area of capital gains tax, Michael Harwood & Co in Leamington Spa can offer advice and assistance with all areas of CGT, including completing your Tax Return, calculating the CGT due on a disposal, keeping the right records, and making a claim for losses.

Please contact Michael Harwood & Co in Leamington Spa today for help and assistance with your CGT requirements.