Capital Gains Tax

What is Capital Gains Tax?

Capital Gains Tax is the tax that you pay on investment profits, which may include property, vehicles, jewellery, stocks and shares and even cryptocurrency.

What is the Capital Gains annual allowance for 2023/24

The current Capital Gains Tax allowance of 2023/24 tax year is £6,000. Previously in 2022-23, the Capital Gains Tax allowance was £12,300.

This is the amount of profit you can make from an asset before any tax is payable.

For those who are married or in a civil partnership, no Capital Gains Tax is charged when you transfer assets to each other.

Reasons to work with a Capital Gains Tax accountant?

Capital Gains Tax can affect anyone, from individuals to entire enterprises. Capital Gains Tax can become an extremely expensive headache, that is why working with a Capital Gains Tax accountant is advantageous so that you know what reliefs you are eligible for to help reduce your Capital Gains Tax.

If you’re an investor, especially in property where your asset value increases annually, you need to be aware of how much tax you pay when selling your assets as you could end up paying a significant amount of Capital Gains Tax. Working with a Capital Gains Tax accountants will analyse your records to review any potential reliefs to bring the cost down, no matter what asset you’re selling.

What assets are chargeable?

Capital Gains Tax is paid on the following assets when you gain a profit upon sale and are known as ‘chargeable assets’:

• Majority of personal assets worth £6,000 or more, but not your car/vehicle
• Shares that aren’t apart of an ISA or PEP account
• Business assets
• Your main home property if you rent it out, use for business purposes or it’s of significant size.
• Any property you don’t live in

Capital Gains Tax is only paid when you go over your total annual tax-free allowance, which can vary.

There are some assets in which you do not pay Capital Gains Tax on, such as:

• Betting wins (Lottery or pools)
• UK governments gilts and Premium Bonds
• ISAs or PEPs

Why Choose Rogers Spencer?

Our skilled Capital Gains Tax accountants in Nottingham have spent years honing relationships and working in unison with dynamic businesspeople. If you are keen to sell or dispose of assets that have increased in value, we can help you with your company Capital Gains Tax requirements.

The legislation surrounding company Capital Gains Tax is notoriously complex, so feeling slightly perplexed by it is hardly surprising. Luckily, we have a plethora of experience at our disposal to assist you whether you are planning on disposing of stocks, bonds or even precious metals.

We know that for most businesses, finding ways to make savings is high on their agenda. It is therefore worth noting that reliefs and exemptions surrounding company Capital Gains Tax could help you make some significant cost savings, so seeking expert advice couldn’t be more important.

Our vast experience means we offer unrivalled company Capital Gains Tax advice and will talk to you about tax planning opportunities before you make your next move. Selling is rarely simple, but we can help make sure it is a resounding success.

Get in touch today

If you would like to find out more regarding our Capital Gains Tax service, our accountants in Nottingham are happy to help. Please feel free to contact our friendly team today to find out more

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