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Pro Tax Consult: UK’s Premier Tax Specialist
At Pro Tax Consult, we are recognized as the leading specialists in capital gains tax across the UK. Capital gains tax is levied on the profit gained from selling an asset that has appreciated over time
Note: Rates might be change due to changes in legislation.
It is essential to understand that HMRC taxes the gain rather than the total sum received. Our team of Chartered Tax Advisors (CTA) is adept at navigating complex tax landscapes, ensuring that every client benefits from our deep understanding of CGT reduction strategies.
You are required to pay CGT on the following:
Additionally, if you co-own an asset that is sold, CGT must be paid on your portion of the gains. Certain assets may qualify for tax relief, but it is essential to consult a tax advisor to understand which assets are eligible and how to claim these benefits. This guidance ensures that you manage your assets effectively, minimizing your tax liability where possible.
We are committed to securing all possible tax reliefs and planning opportunities to minimize your capital gains tax liabilities. Our expertise covers a broad spectrum of areas.
Additionally, our consultants offer pre-transaction tax advice that can lead to significant savings on your capital gains tax. Pro Tax Consult ensure you pay the least amount of capital gains tax, leveraging every available relief and exemption that others might miss.
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Capital gains income at Pro Tax Consult refers to the profit you realize when you sell an asset for more than its purchase price. This type of income can be subject to different tax rates, depending on the duration of ownership. Assets held for less than a year are typically taxed at short-term capital gains rates, which are higher, while those held for more than a year may be taxed at reduced long-term rates.
To calculate capital gains, subtract the purchase price of the asset from its sale price. For instance, if shares were purchased for $10,000 and later sold for $15,000, the capital gain would be $5,000.
Yes, Capital Gains Tax (CGT) may be applicable on inherited property, but it is only calculated on the increase in value from the date of the original owner's death to the date of the subsequent sale or transfer by the beneficiary. Beneficiaries inherit the property at its probate value, and any increase in value that occurs between the time of inheritance and the time of sale is subject to CGT.
The 36-month rule for Capital Gains Tax, which previously allowed a 36-month exemption period for CGT on property sales, has been reduced to 9 months. This rule generally applies to properties that qualify as a person's main residence, allowing some relief from CGT if the property is sold within 9 months after it ceases to be the main residence.
Non-residents are required to pay UK Capital Gains Tax on gains made from UK property and land, even if they are non-resident for tax purposes. Other types of UK assets, such as shares in UK companies, generally do not incur CGT for non-residents unless the non-resident returns to the UK within five years of leaving.
Pro Tax Consult offers expert tax consulting and advisory services, ensuring legal certainty and efficient tax strategy for individuals and businesses. Trust our personalized solutions to support and optimize.
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