Capital Gains Tax for resident and non-resident individuals/ trustees

Capital Gains Tax is a tax on the profit when you give away something by selling it / gifting

(an ‘asset’) that are increased in value or loss/destruction of an asset.

HMRC is after Capital Gain Tax and highly scrutinizing through its newly introduced system named “connect all” and through estate agents. Besides targeting UK resident individuals and trust, it is more focusing on non-resident who owns property in the UK. The income of residents overseas is also under intensive investigation. Tax-efficient planning is necessary, in order to not ending up paying a high amount of Capital Gains Tax. Changes are effective for Non-residents, who are required to pay Capital Gains Tax on residential properties after 05 April 2015.

Groupacc Taxation runs by CTA qualified partners. We have been helping clients based on knowledge and vast experience. CGT planning by Groupacc Taxation helps our clients on how to reduce their CGT bills legally. Groupacc Taxation has dealt the clients by advising through using the following reliefs,

• We assist in understanding the Entrepreneurs’ relief for qualifying business disposals with a lower CGT rate
• We assist businesses with rolling over the gain with a replacement of business assets and delay paying CGT and to get benefit from other reliefs
• We advise on Enterprise Investment Scheme (EIS), the Seed Enterprise Investment Scheme (SEIS), and the Social Investment Relief Scheme (SITR) to reduce the CGT liability
• We have dealt with the client by advising incorporation relief on the transfer of the business to a company
• We have advised clients who got benefit from chattel relief
• Private Residence relief
• Holdover relief for gifts of certain assets
• Relief for the assets that has negligible value
• Reliefs for losses on certain loans.