Capital Gains Tax
Capital Gains Tax is charged if you make a profit on property, asset or business asset. This is very technical to calculate and needs an expert supervision. You also get Capital Gains Tax Allowance on qualified assets, tax rates etc. At Right Tax Advice our expert Tax Specialists will advise you on Capital Gains Tax which not only reduce your tax bill but also save money in future. There are certain tax reliefs which you might not be aware until you receive a huge tax bill with fine, therefore, it is advisable to have a tax consultation. We will attempt to provide you a complete Tax advice according to the statutes and latest case law.
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Capital Gains Tax is Applicable On  ;
(Please note following are the broad areas, wherein you can apply as per the advice, for right tax advice as per your circumstances fill the form below)
  • Selling an Asset

  • Giving an Asset away as a gift, or transferring it to someone else

  • Swapping an Asset for something else

  • Getting compensation for it - like an insurance payout if it’s been lost or destroyed

  • You may have to pay Capital Gains Tax if you make a profit (‘gain’) when you sell (or ‘dispose of’) a personal possession for £6,000 or more.

  • Property that isn’t your main home

  • Non Residents Selling Property in UK

  • Your main home if you’ve let it out, used it for business or it’s very large

  • Shares that aren’t in an ISA or PEP

  • Business Assets ;
     

land and buildings

fixtures and fittings

plant and machinery, eg a digger

shares

registered trademarks

your business’s reputation

 
There are special Rules for ;
  •    Gifts to Spouse
  •    Gifts to Charity
When You dont have to Pay Capital Gains Tax (Tax Free Gains) ;
  • Annual Exempt Amount Which is Over 11,100
  • Your Personal Car
  • Entreprenuers
  • Assets not more than 6,000
  • Betting, pools and lottery winnings.

  • National Savings & Investments products, Isas, pensions and child trust funds.

  • Proceeds from life insurance policies, unless bought second-hand.

  • Gilts, most corporate and local authority bonds and building society permanent interest-bearing shares (Pibs) and Sharia-compliant equivalents.

  • Shares while held in approved share incentive plans and in some schemes to encourage investment in new and growing businesses.

  • If you make a Loss and it must be Allowable

For Detail Free Tax Advice, Please fill the Form, Click Here
The UK Capital Gains Tax advice includes from Statutes and the major case Law, such as ;

Statutes ;



  • Taxation of Chargeable Gains Act 1992

  • Income tax Income and Corporation Taxes Act 1988 ICTA 1988

  • Capital Allowances Act 2001 CAA 2001

  • Finance Act 2014

  • Income Tax (Earnings and Pensions) Act 2003 ITEPA 2003

  • Income Tax (Trading and Other Income) Act 2005 ITTOIA 2005

  • Income Tax Act 2007 ITA 2007

  • National Insurance Social Security Contributions and Benefits Act 1992 SSCBA 1992

  • Inheritance tax Inheritance Tax Act 1984 IHTA 1984

  • Corporation tax Income and Corporation Taxes Act 1988 ICTA 1988

  • Taxation of Chargeable Gains Act 1992 TCGA 1992

  • Tax Credits Act 2002

  • Child Tax Credit Regulations 2002

  • Welfare Reform and Work Act 2016

  • Social Security Act 1998

  • Corporation Tax Act 2009 CTA 2009

  • Corporation Tax Act 2010 CTA 2010

  • Overseas aspects of tax Taxation (International and Other Provisions) Act 2010 TIOPA 2010

  • Value added tax Value Added Tax Act 1994 VATA 1994 Administration of } Taxes Management Act 1970 TMA 1970 the tax system }



Cases ;

  • Doncaster Borough Council v Stark and Stark [1998] RVR 80

  • Edwards v Bairstow [1956] AC 14

  • Frost (Inspector of Taxes) v Feltham 1981 1 WLR at 4

  • Bradford Metropolitan City Council v Anderton [1991] RA 45

  • Ward v Kingston upon Hull City Council [1993] RA 71

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