Tax Advice & Tax Compliance
James Lee Associates
Capital Gains Tax Advice
With careful tax planning you can pay less Capital Gains Tax
Capital gains tax (CGT) is levied on any increase in value of an asset that you sell. Assets can include stocks and shares, property, fine art, antiques, business assets, wine, and chattels. Tax is only payable on the increase in value since the asset was acquired, less any allowable costs or exemptions.
If you are a basic rate tax payer then Capital Gains will be chargeable at 10 %. If you are a higher rate tax payer CGT will be payable at 20 %. It is possible to pay part of the CGT at 10% and the remainder at 20% dependant upon your level on income and gains.
The rate of tax on residential property is 18 % or 28 % dependant upon your level of income and gains.
The current Annual Exemption Allowance in 2017/18 is £11,300. This means that no CGT is payable on any capital gains below £11,300.
Make sure you claim all eligible reliefs and tax deductions
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Principal Private Residence Relief
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Review whether an election to nominate PPR is available
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Lettings relief (up to a maximum of £40,000)
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Claim deductions for enhancement expenditure and professional fees
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Maximise the use of the Annual Exemption Amount
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Consider change of ownership of assets
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Rollover relief
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Holdover relief
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EIS deferral relief
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Entrepeneurs relief
Practical Capital Gains Tax Planning by James Lee Associates
James Lee Associates can calculate your current Capital Gains tax liability and report this information to HMRC under the Self-Assessment regime.
One of our most popular capital gains tax services is calculating any current exposure to capital gains tax and then discussing the options available to restructure your tax affairs to potentially reduce this liability.
Agreeing your capital gains tax liability with HMRC is principally achieved by completing the capital gains supplementary pages of a self assessment personal tax return. James Lee Associates can register you for self-assessment and complete your personal tax return online with H M Revenue & Customs.
We offer professional tax advice to assist with structuring your financial affairs in order to ensure that you will pay the correct amount of capital gains tax, after accounting for allowances and reliefs to which you are entitled. In addition, we will complete all of the necessary paperwork on your behalf and communicate with HMRC to agree any liability or losses arising.
For assistance with Capital Gains Tax advice and tax planning call JLA today:
