Expert advice on reducing Capital Gains Tax
Capital Gains Tax is charged when you sell or dispose of a capital asset that has increased in value. You are charged on the profit you have made on the asset during the tax year.
The conditions associated with Capital Gains Tax includes the following:
- You can carry forward losses from previous years.
- Capital Gains Tax arises on the disposal of an asset – normally on sale, but gifts, insurance claims or compensation for losses can be chargeable disposals.
- The value of the gain is normally the amount you receive, but gifts and certain sales may be valued at the open market value.
- Capital Gains Tax is not normally payable on death.
How we can help
At Nelsons, our expert team of personal tax solicitors in Derby, Leicester and Nottingham are able to provide advice on Capital Gains Tax as part of the administration of an estate or Trust and passing on assets to your loved ones (including Inheritance Tax considerations).
If you require general advice concerning Capital Gains Tax, please get in touch with an accountant.
Our expertise
Our team keeps up to date with the latest tax planning processes available so that we can always supply our clients with the best advice and service possible.
The team is also recommended by the independently-researched publication, The Legal 500, as being one of the top teams of experts in the country, and also includes solicitors who are full members of Society of Trust and Estate Practitioners (STEP) – an international professional body for practitioners specialising in inheritance and succession planning.