specialist tax advice - selling a property
When you sell a property you will need to consider whether CGT is due on the disposal. Ideally you will take advice well in advance of the sale to make sure that you have maximised your reliefs.
Special tax reliefs are available for businesses disposing of assets; sole trades, partnerships and companies.
Are you willing to leave the UK before selling to avoid tax? Take advice because the gain could be taxed more highly elsewhere and could be charged to tax again if you return to the UK.
Look on the bright side; CGT is voluntary when you sell a property, provided you can reinvest the proceeds in a way to claim relief.
current issues
1 October 2010 - interest in CGT planning is increasing as people are aware of the new 28% tax rate.
01 September 2010 - although CGT has gone up to 28% for higher rate taxpayers, it is still less than the 50% top rate of income tax. Take advantage!
business
Review your business assets to make sure that when you sell them that you can claim entrepreneurs relief.
international
CGT is still due on gains on property overseas unless you are not domiciled in the UK.
Our team can handle the tax complications arising if your are dual resident.
If you are leaving the UK then plan your timing to minimse your tax liability.
individual
Plan the sale of your property which used to be your home to minimise tax. Don't wait until it is sold.
If you have more than one property - review your CGT elections for private residence to save tax.