CAPITAL GAINS TAX
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Capital Gains Tax Solicitors in Gerrards Cross
What is Capital Gains Tax?
Capital Gains Tax (CGT) is a tax applied to the profit made when selling or disposing of assets such as property, shares, or businesses that have increased in value. The tax is calculated on the gain, not the total amount received. Understanding the nuances of CGT is crucial, as failing to comply with tax obligations can lead to financial penalties. Our specialist tax solicitor based in Gerrards Cross can offer a wealth of advice - for detailed guidance on CGT rules, you can also visit GOV.UK
Do You Need to Pay Capital Gains Tax?
You may need to pay CGT if the profits from your assets exceed the annual tax-free allowance. This applies to a range of disposals, including:
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Selling a second home or rental property.
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Gifting assets (other than to a spouse or civil partner).
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Selling shares not held in an ISA or PEP.
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Disposing of business assets.
There are exemptions, such as selling your primary residence, which may qualify for Private Residence Relief. For complex situations, seeking advice from experts like MDW Solicitors is highly recommended.
How MDW Solicitors Can Help
Navigating CGT can be intimidating, especially when multiple factors such as allowable deductions, reliefs, and thresholds come into play. At MDW Solicitors, we offer tailored tax advice in Gerrards Cross to ensure compliance with laws while minimising your liabilities. Our services include:
Assessment of CGT Liabilities: Evaluating your financial situation to determine potential liabilities.
Relief Eligibility: Identifying opportunities for relief, including Business Asset Disposal Relief and Investors’ Relief.
Tax Planning: Helping you strategically plan asset disposals to optimise tax efficiency.
With over 30 years of experience, our team provides clear and effective guidance, empowering you to manage your finances with confidence.
Frequently Asked QuestionsAbout Capital Gains Tax
What is the annual Capital Gains Tax allowance for 2024? The tax-free allowance for individuals is £6,000 (2024/2025 tax year). Couples can combine their allowances for joint assets. Visit GOV.UK for up-to-date figures. Are there any penalties for late CGT payments? Yes, late submissions or payments can result in fines and interest charges. Filing your tax return promptly is crucial to avoid unnecessary costs. How can I reduce my CGT liability? Strategies include utilising your annual allowance, offsetting losses against gains, and holding assets in tax-efficient wrappers like ISAs. Expert advice from our capital gains tax advisors in Gerrards Cross ensures you leverage these options effectively.
Why Choose MDW Solicitors?
Expertise You Can Trust: Specialists in tax planning and legal services.
Personalised Approach: Every consultation is tailored to your circumstances.
Accessible & Reliable: Based in south Buckinghamshire, we offer local expertise and home visit options.
Contact Us Today
Take control of your tax affairs with the expert guidance of MDW Solicitors. Call 01753 299 466 or email debrawilliamson@mdwsolicitors.com to book your consultation. Let us help you safeguard your wealth and secure your financial future.
As an accredited criminal litigator, we can also represent you at your first court appearance and provide trial representation should it be required, to support you through the entire legal process.
If you need advice relating to a criminal charge then please contact us. We can give you expert advice which would allow you to understand all the options that are available to you.
Email: debrawilliamson@mdwsolicitors.com
Phone: 01753 299 466
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“Debra Williamson from MDW Solicitors was fantastic - I accrued 12 points on my driving licence and was facing disqualification -she successfully defended me in court so that I was able to keep my licence.
She was so accommodating and helpful throughout the whole process - continually kept me updated and advised me on what to expect.
I would definitely recommend MDW Solicitors to anyone who might need their services.”
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