|
Tax on Capital Gains (TCG) is payable to the Inland Revenue when an individual (or indeed a company) sells or transfers property and other assets to someone else.
As with most taxes, there are exemptions and reliefs available. For example, generally speaking, when individuals sell their house or a car, TCG would not be payable.
Why should you be interested in Tax on Capital Gains?
If you own anything of value and decided to sell it, you could be presented with a large tax bill. If you do not inform the Inland Revenue of your disposal, you could also be liable to penalties.
The rate of TCG depends on your circumstances. In general terms, you pay tax at whatever your highest rate of tax is.
How can Grant Thornton help?
Complicated and detailed calculations are required in order to conclude how much TCG is payable on a disposal. There are reliefs and exemptions available, which can reduce or completely wipe out your tax bill.
We have technical experts who deal with such matters on a daily basis and can ensure that you pay the least tax possible. In many cases it is vital to have expert advice, even before you sell or transfer an asset.
|
Services 