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KRA Capital Gains Tax Advice

 

Along with inheritance tax, capital gains tax is often referred to as a voluntary tax. With careful prior tax planning, it is often possible to reduce or totally avoid capital gains tax. Depending upon your circumstances, we at KRA may be able to reduce or delay the payment of your capital gains tax liability:

Our capital gains tax  advice will include

Maximising your claim for all valid tax deductions:

  • Professional fees,
  • Enhancement expenditure,
  • Indexation Allowance (for disposals before 6 April 2008).

Claiming all eligible reliefs:

  • Entrepreneurs Relief (for disposals since 5 April 2008),
  • Taper Relief (for disposals before 6 April 2008),
  • Principal Private Residence Relief,
  • Lettings Relief,
  • Gift Relief,
  • Set-off against current year or brought forward capital losses.

Making use of all available exemptions:

  • Chattel Exemption,
  • Annual Exemption,
  • Reviewing whether any elections could benefit you, such as nominating your principal private residence, if you own and occupy more than one house,
  • Crystallising the “paper loss” on equity investments. This may be possible by submitting a neglible value claim rather than by through an actual sale,
  • Considering emigrating overseas and becoming non-resident, for UK capital gains tax purposes,
  • Examining whether trusts or pension funds could be used as a capital gains tax planning device.
  • Considering changing the ownership of the asset, particularly if your spouse has unused annual exemptions or current year or brought forward capital losses,
  • Restructuring the asset held. This can be particularly useful within areas of corporate finance, where equities can be exchanged for loan notes, which can be redeemed over a number of years, taking advantage of more than one year’s worth of annual exemption.

Delaying when the capital gains tax is payable

Influencing the timing of the sale, including considering whether the disposal can be spread over more than one tax year, to maximise available reliefs and exemptions.

Delaying payment of tax on the assessable capital gain by reinvesting the proceeds and claiming:

  • Rollover relief,
  • Holdover relief,
  • Deferral Relief.

The most popular capital gains tax service we offer is preparing an anticipated capital gains tax computation, then discussing your options for restructuring your affairs to reduce this tax.

Agreeing your capital gains tax liability with HMRC is achieved by completing the capital gains supplementary pages of a normal personal tax return.

If you would like capital gains tax advice from KRA’s and seek advice on structuring your financial affairs so that the capital gains tax computation means will not be paying any more capital gains tax than you absolutely have to. In addition, we shall complete all of the necessary paperwork for you and communicate with “the Revenue”, to agree the liability, on your behalf.