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.

T: 0203 633 6226
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Culver Law, London
44 Southampton Buildings
London
WC2A 1AP
0203 633 6226
Company No. 13313009


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

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

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