Capital Gains Tax

Capital gains tax is payable whether you sell or give away an asset and can also be payable if an asset is destroyed and you receive an insurance payout.

In its simplest form, the tax is charged on the difference between its market value at the time of disposal, less what you paid for it and any applicable enhancement expenditure.

The rate of tax varies from 10%, 18%, 20% or 28% depending on the asset disposed of and whether you pay basic or upper rate income tax.

It’s important when looking at disposing of assets to consider both capital gains tax and inheritance tax. At Culver Law we specialise in giving you a complete solution, helping you achieve your goals whilst minimising the amount of tax paid.

If you are concerned about Capital Gains tax and want to discuss how to mitigate the same and whether any relief applies, please do get in touch.