Capital Gains Tax Advice in Norwich

Comprehensive CGT reporting and assessments

We conduct thorough assessments to identify tax-saving opportunities, ensuring you benefit from all available reliefs and exemptions relating to your circumstances.

Strategic capital gains tax liability planning

Plan ahead with our proactive tax planning strategies that consider the timing of asset sales and the reinvestment of proceeds, avoiding unnecessary financial pitfalls and optimising your tax position.

Capital Gains Tax for landlords and property investors

When considering selling your buy-to-let investments or inherited property our team will be able to advise on guidance that may help you capitalise on the reliefs available to you.

Private residence relief: Private Residence Relief is a tax exemption for properties that have served as your only or main residence during your period of ownership. This relief ensures that when you sell your main home, you are not liable to pay Capital Gains Tax.

Navigating changes in lettings relief: Historically, lettings relief offered a tax reduction for the sale of a property that was once your main residence and later rented out. However, post-5 April 2020, this relief is restricted only to situations where the owner shared occupancy with the tenant.

CGT and inherited properties: Although Capital Gains Tax is not imposed at inheritance (where Inheritance Tax is relevant), it applies upon sale. Our accountants can provide strategies for tax, such as optimal sale timing.

CGT on overseas properties: For properties abroad, the risk of dual taxation arises—both in the UK and the foreign country. Nonetheless, if the property was your main home, exemptions from UK Capital Gains Tax may be applicable.

In every case, our advisors are equipped to provide bespoke tax planning that aligns with your property portfolio and financial goals.

Navigating more complex CGT scenarios

Capital gains scenarios can extend beyond straightforward asset sales. Some instances involve intricate areas such as gains on shares from the Enterprise Investment Scheme and Venture Capital Trusts, as well as deferred gains in situations like exchanges of shares for shares or shares for loan notes. These situations warrant careful consideration, and we encourage you to engage with us at Eastfield Accountants before finalising any transactions.

As for additional deductions you might be eligible for, a number of established reliefs remain accessible:

1. Private residence relief helps shield the gain from the sale of your home from CGT.
2. Business asset rollover relief allows you to delay paying CGT on a business asset by rolling the gain into the purchase of another qualifying asset.
3. Business asset gift relief permits the postponement of CGT on business assets that you gift, transferring the tax liability to the recipient upon their eventual sale of the asset.
4. Losses from previous tax years that haven’t been used can also be carried forward, potentially decreasing future capital gains.
5. Remember, taking full advantage of these reliefs can significantly affect your tax responsibilities.

Using investor’s relief

Investors’ Relief (IR) is a tax incentive designed for external investors who are not employees or officers of the company in which they are investing. This relief targets individuals investing in unlisted trading companies, allowing them to benefit from a CGT rate of 10% when certain conditions are satisfied. Investors can take advantage of this relief on qualifying gains up to a lifetime limit of £10 million.