Capital Gains Tax Planning

Tax specialists in Sheffield, Doncaster and Northampton

CGT

Capital Gains Tax is continually changing, and advance planning may be necessary in order to maximise available reliefs and minimise tax liabilities. Our expert tax advisers can review your asset portfolio and your short-term and long-term intentions with you. Based upon your circumstances they will then provide appropriate advice to reduce, remove or defer your potential tax liability where possible.

Where you are married or in a registered civil partnership consideration of the overall position of both you and your spouse or civil partner together can provide opportunities for further tax savings.

Capital Gains Tax changes

From 6 April 2020, there will be significant changes to the capital gains tax regime for disposals of UK residential land and property. UK residents making a disposal will be required to submit a return and pay any capital gains due to HMRC within 30 days of completion! This is a significant reduction to the previous reporting and payment deadline, which was up to 22 months after the disposal. 

For more information about this new deadline click here

Capital Gains Tax Rates

  • Basic-rate payer of CGT on assets – 10%
  • Basic-rate payer of CGT on property – 18%
  • Higher or additional-rate payer of CGT on assets – 20%
  • Higher or additional-rate payer of CGT on property – 28%

Entrepreneurs’ relief

For owner-managers Entrepreneurs’ Relief is an important tax relief, and Hawsons can help ensure that you plan to maximise your relief by using tax efficient business structures and if necessary reorganising the existing business.

Hold-over relief and rollover relief

We will also help to optimise your entitlements to Principal Private Residence relief, Gift relief and annual exemptions, as well as making full use of capital losses.

We can give advice on the deferral of Capital Gains Tax liabilities, using Rollover Relief, Holdover Relief or Deferral reliefs.

SEIS, EIS & VCTs

A number of Government approved schemes are available to encourage private individuals to invest in smaller, high-risk unquoted trading companies and with effect from 2014/15, in social enterprises.  In order to encourage investment there are a number of tax relief opportunities available. These differ depending on which scheme you have invested in.

The schemes are as follows:

  • Seed Enterprise Investment Scheme (SEIS)
  • Enterprise Investment Scheme (EIS)
  • Venture Capital Trust Scheme (VCT)

It is important to note that as each of these schemes have complex and detailed rules concerning qualifying investors, the investment vehicle and type of investment further advice should be taken from us to ensure these conditions are complied with before making the investment.

Contact us for a free initial meeting

To find out more about how one of the leading firms of accountants in Sheffield, Doncaster and Northampton can help you, please contact one of our specialists. We believe in long-term client relationships and understand the importance of meeting to establish that you like us and we like you. This is why we offer all new clients a free initial meeting which will enable you to have a discussion about you and your business issues.

To book your free initial meeting, please click here.

We look forward to hearing from you!

Free initial consultation

Stephen Charles

Tax Partner, Sheffield

0114 266 7141

[email protected]

Martin Wilmott Partner

Martin Wilmott

Partner, Doncaster

01302 367 262

[email protected]

David Cairns

David Cairns

Tax Partner, Northampton

01604 645 600

[email protected]