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,
- Claiming all eligible reliefs:
- Entrepreneurs Relief
- Taper Relief
- 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.
If you would like capital gains tax advice from KRA’s then please contact KRA below so we can arrange a No obligation FREE initial meeting at your premises or our office to carry out a business review.
If you are interested in instructing us we will offer you a FIXED FEE accountancy service with no hourly charges or hidden costs.