Overview

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.

We will find solutions tailored to your situation

We recently helped a client whose intention was to pay off the mortgage on their home. They own several other properties and had been advised elsewhere to sell one of their properties to achieve this goal. This meant losing rental income and paying £50,000 in CGT. We helped them rearrange their assets and loan financing to pay off their mortgage and retain the properties with no tax payable at all. We also helped them with an inheritance tax planning strategy, ensuring their future taxation is far less than it would have been otherwise.

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.

Taxation Services

Our team are experienced in handling a broad range of taxation services, that include but aren’t limited to:

  • Inheritance Tax

    Inheritance Tax

    Get personalised, easy-to-understand inheritance tax planning advice from our team of friendly solicitors in London or Cambridge. We are inheritance tax specialists so you don't have to be.

  • Stamp Duty Land Tax (SDLT)

    Stamp Duty Land Tax (SDLT)

    Or SDLT is in its simplest form a tax payable on the purchase of properties. However, if you make a gift of a property and the responsibility for the mortgage passes, SDLT can be payable.

  • Capital Gains Tax

    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.

  • Care Home Funding

    Care Home Funding

    By making individuals pay for their own care needs in later life, saves the government many millions of pounds.

    Get in touch

    T: 0203 889 0166
    E: This email address is being protected from spambots. You need JavaScript enabled to view it.

    Authorised and Regulated by the Solicitors Regulation Authority. SRA Number: 820401.

    Registered Office
    Hamilton House, 1 Temple Avenue, London
    EC4Y 0HA
    Company No. 13313009

    Culver Law, London
    Hamilton House
    1 Temple Avenue
    London
    EC4Y 0HA
    0203 889 0166

    Culver Law, Cambridge
    9 Hills Road
    Cambridge
    CB2 1GE
    01223 653010

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