Capital gains tax is incurred when you sell an asset – such as a work of art, for example – that has increased in value since you bought it. It’s a tax on the profit your asset has made. It’s also payable when you give an asset as a gift, receive compensation for losing it or swap it for something else.
Some assets are tax free and everyone benefits from a tax free allowance before capital gains tax is applied. Neal & Co can help advise you on your liability for capital gains tax and mitigation strategies you can put in place to reduce your liability – for example Entrepreneur’s Relief when you sell your business.
Much of your capital gains liability can be reduced by setting up a trust, which Neal & Co’s tax experts can advise on. For more information on dealing with capital gains tax, contact firstname.lastname@example.org