As annual capital gains tax exemptions are frozen and property investments are increasingly taking over from pensions as long-term investments, more and more taxpayers need to consider their capital gains tax obligations, and how they can efficiently acquire and dispose of assets.
Entrepreneurs may be aware of tax breaks for raising funds and acknowledge that there are incentives for ownership of certain businesses, but rules are constantly changing which may change risk/reward calculations and timing of sale of investments. Have you reviewed your strategic goals taking tax changes into consideration?
Disposals of residential property in the UK are now subject to capital gains tax rules which may require returns to be made in advance of an annual self- assessment return being filed and may also accelerate payment of capital gains tax. We can advise on your obligations and assist with the preparation and submission of returns if required. While there are exemptions and reliefs that may be available, the new disclosure obligations now extend to include transactions in UK property owned by offshore companies and trusts.
To find out more about how our team could help you, get in touch with our expert partner in this field, Lynne Rowland.