Our Services
Capital Gains Tax
Securing maximum value for your assets
Every year countless individuals, landlords and investors end up paying an inflated tax bill because they fail to offset key liabilities with the help of an experienced accountant.
We can help you plan out any significant disposals or acquisitions and ensure you never pay more tax than you need to.
Capital Gains Tax
How can we help?
Chargeable gain reductions
We look closely at the history of your assets to determine whether you can deduct any incidental costs of acquisitions and disposals, enhancement fees or professional service fees from your capital gains bill.
Tax reliefs
There are many designated tax reliefs available that may help you to offset the cost of Capital Gains Tax. This includes Gift Relief, Private Residence Relief, Lettings Relief and Business Asset Disposal Relief (formally Entrepreneurs’ Relief), to name just a few.
Disposal of buy-to-let properties
Landlords often pay more Capital Gains Tax than necessary when selling a buy-to-let property. We can advise you on the best ways to reduce your tax exposure in keeping with evolving tax laws. In most cases where you sell a property, you will have to report the disposal and pay any CGT within 60 days. We will be able to assist you in this process should you require help.
Get in touch
Planning to sell a valuable asset or property? It always pays to talk through your situation with an experienced adviser to get a clear picture of your available options.
We'll listen to your situation and figure out what tax obligations you may incur from any past or future asset disposals.
We’d be happy to arrange a free consultation – simply fill in the enquiry form or call us on the number below.
Call us
+44 (0)20 7299 1400Get in touch
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why choose us
Why Gerald Edelman?
At Gerald Edelman, our capital gains tax advisers help clients plan the disposal of properties, stocks and shares, paintings, and other valuable assets.
We'll figure out the best course of action, whether it's through chargeable gain reductions, professional fees, enhancement expenditure, or tax-deductible allowances and reliefs. Our clients always rest assured knowing that no stone is left unturned when identifying viable opportunities for them to save on Capital Gains Tax.
Plus, we offer complete transparency over fixed costs upfront giving you peace of mind that an expert adviser will manage your tax obligations for a fair price.
common questions
Frequently asked questions
What is my Capital Gains Allowance?
Currently, the Capital Gains Tax allowance is £12,300. This represents the total amount of gains a person can make before they are liable to pay Capital Gains Tax.
CGT applies for any gains over this threshold. The rate depends on several factors, including your income tax band, your total taxable income, and the assets involved (residential property has a higher rate than other assets).
Are any assets not subject to capital gains tax when sold?
Yes, many assets may not be subject to capital gains tax, including charitable gifts, asset transfers between married couples, private and vintage cars, low-value possessions or the sale of your primary residence. However, this is a non-exhaustive list. You should speak to our team of experts if you are in any doubt about your liabilities.
I’ve got a property overseas, do I need to pay Capital Gains Tax if I sell it?
Whether Capital Gains Tax is due on the sale of an overseas property depends on several factors. For UK residents, it’s typically due unless you are non-domiciled. Meanwhile, for non-UK residents, it depends on whether you return to the UK within five years of selling the property.
This is a very tricky area, so it’s well worth consulting one of our capital gains tax advisors to discuss your situation.
Can you provide Capital Gains Tax advice for individuals?
Yes! As an individual, you may be liable to pay Capital Gains Tax on the profit you make from personal possessions, property that isn’t your main home, shares, cryptocurrency, NFTs, and more. However, you don’t have to pay CGT on any gains made from ISAs, PEPs, government gilts and bonds, or the winnings/prizes from bets or lotteries. If you’d like advice on your situation, get in touch with our team to discuss.
Can you provide Capital Gains Tax advice for landlords and property Investors?
Yes! As a landlord or property investor, you may need to pay Capital Gains Tax if you sell a commercial or residential property that’s increased in value since you bought it. You only pay CGT on your “chargeable gain”, which is the difference between the amount you paid for the property and the amount you’re selling it. You can deduct some costs (such as the cost of building an extension) and apply for tax relief. The two tax relief programs for CGT and property are:
– Private Residence Relief (PRR) – Several conditions are attached to Private Residence Relief, but if the property was once your main residence, you might be eligible.
– Lettings Relief – Landlords who lived in their residence alongside a tenant may be eligible for Lettings Relief.
Whilst this is a complex area, carefully planning the disposal of a property to minimise your tax liabilities can be incredibly beneficial. Get in touch today to discuss your property plans and receive capital gains advice.
Can you provide Capital Gains Tax advice for businesses
Yes! As a business owner, you may need to pay tax on the capital gains you make from selling or gifting your business – whether it’s the whole company or individual assets. This includes land and buildings, fixtures and fittings, plant and machinery, shares, and intellectual property like registered trade marks.
To calculate your CGT bill, you’ll need to work out your chargeable gain, deduct certain costs (like the cost of improving assets), and then apply for any relevant tax reliefs. Tax relief for businesses include:
– Business Asset Disposal Relief – Those who qualify for Business Asset Disposal Relief pay a tax rate of 10% on any gains, which could save you a significant sum. Various conditions apply, based on whether you’re selling the business itself, shares in the business, assets you’ve lent to the business, or if you’re a trustee.
– Incorporation Relief – If you transfer the ownership of your business to another company in return for shares in that company, you may be able to delay paying Capital Gains Tax until you sell those shares.
– Gift Hold-Over Relief – You may not need to pay CGT if you give away a business asset, but the person you give it to will have to pay when they sell the asset.
If you’re a business owner or shareholder, our team can help you understand and plan for any Capital Gains Tax that may be due from selling your assets.