Capital Gains Tax is charged on the disposal of assets sold at a gain. The tax is charged on the difference between the acquisition cost and the proceeds of sale.
There are various reliefs and exemptions available to help reduce exposure to liability but this is a complicated area where the provision of good advice can make a great deal of difference.
Our specialist tax and trust lawyers are able to help you to either reduce a potential CGT liability or avoid it altogether, through the provision of prudent tax planning advice.
Our lawyers look to try to provide a solution to specific problems whilst bearing in mind the bigger Estate and Succession Planning picture.
The team have a wealth of experience in advising on various CGT issues including the CGT implications of: –
The disposal of properties (and in particular second homes/investment properties) and claims for Principal Private Residence Relief
Gifts, including the setting up of Trusts
The Administration of Trusts and Estates
Aspects involving businesses including the application of Entrepreneurs Relief when disposing of business assets.