Maximising Reliefs and Allowances
The UK tax system offers several valuable reliefs that can substantially reduce your CGT liability. We analyse your eligibility for schemes such as Business Asset Disposal Relief (formerly Entrepreneurs’ Relief), which can reduce the tax rate to 10%, and Private Residence Relief for property. We ensure you meet all necessary conditions and claim these reliefs correctly to protect your capital.
Property and Real Estate
The rules regarding CGT on residential property have become increasingly complex and strict. We assist landlords and property investors in calculating gains, deducting allowable improvement costs, and understanding the impact of letting relief. Crucially, we manage the ’60-day reporting’ requirement, ensuring that returns are filed and tax is paid within the tight deadlines enforced by HMRC to avoid automatic penalties.
Spousal Transfers and Gifting
Transferring assets between spouses or civil partners is usually tax-neutral, which can be a powerful tool for utilising two sets of annual allowances and basic rate tax bands. We advise on the timing and execution of such transfers to optimise the family tax position. We also advise on the CGT implications of gifting assets to children or into trusts, helping you pass on wealth efficiently.
Accurate Calculation and Reporting
CGT calculations can be intricate, particularly when dealing with part-disposals, share pools, or assets held for a long time. We perform precise calculations to determine your exact liability, ensuring that all allowable costs and losses are utilised. We handle the preparation and submission of your Self-Assessment or standalone CGT returns, ensuring full compliance with HMRC.
