taxation

capital gains tax

When a person sells an asset for a profit, Capital Gains Tax may be payable. The same applies if an asset is simply transferred or gifted to another person. There are certain exemptions whereby certain assets are not actually liable to Capital Gains Tax, plus each year there is an annual allowance, currently £9,600, whereby no tax is due on a profit lower than this figure.

Within the regime of Capital Gains Tax, there are various reliefs and exemptions, most of which are complex and require specialist advice which we can give to you.

In order to work out how much Capital Gains Tax is payable on the disposal of a particular asset, complex and detailed calculations are required, which include any reliefs and exemptions available, which can reduce or eliminate your tax bill, and should ensure you pay the minimum amount of Tax.

At Stiles and Co, we can deal with such matters in a professional and detailed manner, and 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, as planning is the first step towards ensuring minimal tax liabilities.