Capital Gains Tax

Capital Gains Tax (“CGT”) is chargeable on gains arising from the sale or disposal of assets by

individuals, trustees and personal representatives.

Individuals resident in the UK are liable to CGT on worldwide gains, unless they are not domiciled in the UK, in which case they may be able to take advantage of the Remittance Basis.

HMRC introduced new far reaching rules from 6 April 2015 to ensure that non resident individuals who own residential property in the UK will pay CGT on the disposal of these assets. This follows the introduction of increased Stamp Duty under the Annual Residential Property Tax and Tax on Enveloped Dwellings rules.

It is important to seek professional advice as often CGT liabilities can be deferred, mitigated or even avoided with appropriate planning.

TFO Tax can advise on all matters of CGT, including:-

  • calculation of capital gains and losses;
  • the various reliefs that may be available to mitigate any charge to CGT;
  • the implications of becoming UK resident or non UK resident;
  • Anti-avoidance rules after becoming UK resident or after a period of absence;
  • Anti-avoidance rules that may affect transfers of assets abroad
  • Annual Residential Property and Tax on Enveloped Dwellings advice; and
  • Appropriate planning strategies.