Financial Services > Tax Planning > Capital Gains Tax

 


The British government is entitled to a proportion of any increase in value that arises when most assets are disposed of by British citizens anywhere in the world.


........................................................................................................................

Each year there are changes to the proportion of tax which is payable and they are announced in the annual Budget. Every UK tax payer is allowed to make gains of £11,300 in the 2017/2018 tax year before any Capital Gains Tax is payable. The tax is calculated by taking the cost price and the available allowances away from the sale proceeds after expenses. Whatever is left is divided between the number of owners of the investment and added to their taxable income. 
 
  
IT IS VITAL THAT YOU CONSIDER YOUR EXPOSURE TO CAPITAL GAINS TAX NOW TO AVOID NEEDLESS TAX BEYOND THE END OF THE 2017/2018 TAX YEAR.   

This tax is often referred to as a voluntary tax because investors can control when it becomes payable and, to some extent, how much tax is payable too.

To keep the Capital Gains Tax to a minimum you should contact Corrigans before you sell any asset.