Personal accounting services in Hertfordshire

Capital Gains Tax

When you sell (‘or dispose of’) something (an ‘asset’) that’s increased in value the tax on the profit is called Capital Gains Tax (CGT). The gain is the figures that is taxed, not the amount of money received.

Disposing of an asset includes

  • Selling it
  • Giving in it away as a gift, or transferring it to someone else
  • Swapping it for something else
  • Getting compensation for it e.g. an insurance pay out it it’s been lost or destroyed
  • Overseas assets

Some assets are tax free and you do not need to pay CGT if the cumulative total of all your gains in a year are under your tax free allowance.

CGT rules for UK property sales have been updated and any tax on gains must now be reported and paid within 30 days of completion. If you own a second home or more and need advice we are here to support you as it can become very complicated.

Talk to us now to discuss whether you need to be reporting any of this information or if you are unsure on your situation.

Request a Callback

Call back personal

The personal information you supply on this contact form will only be used to deal with your enquiry. You can view our privacy policy here

I have been using Charlotte for a couple of years now and find her to be excellent, she's very friendly, helpful, efficient and proactive, I would highly recommend her to anyone.
- Kate Marsh, K8 Marsh PT