Why Gerald Edelman?

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. 

At Gerald Edelman, we 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. This gives you peace of mind that an expert advisor will manage your tax obligations for a fair price. Get in touch via the 'Contact' button above to arrange a free initial consultation. Or, discover more about the Capital Gains Tax services we offer below.

How can we help?

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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 CGT bill.

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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.

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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 30 days. We will be able to assist you in this process should you require help.

What happens next?

Suppose you're planning to sell a valuable asset or property. In that case, it always pays to talk through your situation with an experienced accountant to get a clear picture of your available options.

We'll listen to your situation in a free consultation and figure out what tax obligations you may incur from any past or future asset disposals. And we'll help you understand the best and most effective way to minimise your liability.  

As Head of our Tax team, Amal Shah specialises in capital gains tax deductions and is renowned for his exceptional client service and meticulous eye for detail. He regularly advises a diverse client base, from high-net-worth individuals and personal tax clients to non-resident landlords.

We’d be happy to arrange a free consultation with you over the phone or at our Cornhill office in the City of London – fill in the enquiry form above or contact us on +44 (0)20 7299 1400 to speak to one of our capital gains tax advisors.
 

Who can we help?

Capital Gains Tax For Individuals

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, 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. 

 

Capital Gains Tax For Landlords & Property Investors

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 with our tax advisors

 

Capital Gains Tax For Businesses

As a business owner, you may need to pay Capital Gains Tax on the profit 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.

Meet the team

"My focus is mitigating my clients' tax liabilities by structuring both their business transactions and their personal planning."

"My work mainly focuses on providing tax advice to clients, from high net worth individuals and personal tax clients to non-resident landlords."

Frequently Asked Questions

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).

Yes. We work closely with individuals to determine whether they need to pay capital gains tax, or any other tax, on any significant disposal or acquisition. If CGT is applicable, we can help minimise your tax exposure and find an optimal solution through careful tax planning. Get in touch with one of our experienced chartered accountants to discuss your situation in more detail as part of a free consultation.

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.

If you’ve exceeded your Capital Gains Allowance, then tax may apply to the profits you make from selling shares. There are exceptions though, such as selling shares within the tax-free container of an ISA or gifting shares to a partner or charity.

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 an expert for advice.

If one of your chargeable assets makes a loss or becomes worthless, you can deduct it from your total gains for the tax year, which could reduce your Capital Gains Tax liability. This can be done as part of a self-assessment tax return or by writing to HMRC if you’re not required to register for self-assessment.

The process for reporting and paying Capital Gains Tax depends on the assets.

For residential property sold after 6th April 2020, you may have to report your chargeable gains and pay tax within 30 days of the sale. It’s worth speaking to a tax advisor before and after the sale, so you don’t end up overpaying.

For any gains not made from property, you can pay straight away via the HMRC website or you can report them in a self-assessment tax return. We can help you complete a tax return.

To speak to our team, call us or send us a message using the following form and we will be in touch.

T: +44 (0)20 7299 1400

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