Capital Gains Tax

Capital Gains Tax (CGT) is payable by individuals, trustees and personal representatives (PRs). Companies pay corporation tax on their capital gains.

There are annual tax free allowances (the ‘annual exempt amount’) for individuals, trustees and PRs. Companies do not have an annual exempt amount.

For individuals net gains are added to total taxable income to determine the appropriate rate of tax. The standard rate applies only to the net gains which, when added to total taxable income do not exceed the basic rate bank

Gains on business assets have been able to qualify for Entrepreneurs Relief – for an up to date assessment on position, please contact our tax team.

A valuable relief exists on the sale of the family home but in certain situations careful planning is required to ensure that the relief is obtained. Cox Costello & Horne can provide taxation advice to ensure that maximum opportunity is taken of principal private residence relief.

The capital gains tax (CGT) exemption for gains made on the sale of your home is one of the most valuable reliefs from which many people benefit during their lifetime. The relief is well known: CGT exemption whatever the level of the capital gain on the sale of any property that has been your main residence.

The rates of capital gains tax (CGT) have changed over the years – for an update to date assessment of what you need, please contact our tax team.