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Capital Gains Tax (CGT)

Capital Gains Tax (CGT) is the tax you pay on any profit or gain which you make when you sell or dispose of certain types of asset.

For example, if you bought shares in January 2000 for £50,000 and then in January 2012 sold those same shares for £85,000 then you have made a gain of £35,000. This gain could possibly be taxed.

Not all assets are liable to CGT when you sell or dispose of them and it is important you take advice about any proposed sale or disposal before you make it.

When you make a gift of an asset, depending on who the recipient of that gift is and the asset which is gifted then there may also be CGT payable on that gift, for example, if you own a holiday home and decide to gift that to your children then that gift would trigger a charge for CGT.

If you inherit assets then you will not be liable for any CGT but could be liable for CGT if you later dispose of that asset. In these circumstances, it is important to obtain a valuation of the asset when it is inherited (i.e. at the date of death not the date of receipt of the asset) and then you would be able to work out any gain or loss when it is subsequently sold.

Professional advice in relation to any aspect of tax is always advisable as any errors can lead to interest charges and even penalties being levied by HMRC.

For more information why not call our team to arrange an appointment today, or for more detail on other areas of tax click the links below: 

Call today for advice about your estate and its tax liabilities

01302 341 414 0114 272 1884
Wills, Probate and Trust Team Lead by Partners, Stephen Coates and Lauren Smith our Wills, Probate and Trusts team will help you plan for the future and protect your assets Meet the team
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Wills, Probate and Trusts Team

If you are looking for legal experts to help you with your Asset Protection or Inheritance Tax Planning needs our team will give you a call back at the earliest opportunity fill in your details to the left. Alternatively, you can call our Doncaster office on 01302 341414 or our Sheffield office on 0114 272 1884
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