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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
disposal.
In addition there are many reliefs and exemptions available,
which can reduce or completely wipe out your tax bill.
Learer Roberts 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 an asset.
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