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CGT RELEIF AND ALLOWNCES

CGT RELEIF AND ALLOWNCES

When you dispose of a part of your business, there are a number of reliefs and allowances that you may be eligible to receive. If your business is eligible, the rate of Capital Gains Tax (CGT) may be significantly decreased, it could be deferred, or there may be no CGT required at all.

CAPITAL GAINS TAX RELEIF AND ALLOWNCES

Knowing which relief schemes you’re eligible for can save you and your business a substantial sum of money on your CGT returns. With the help of an expert CGT accountant from The Accountancy Solutions, you can quickly identify which relief schemes you are eligible for and ensure that they are accurately represented in your CGT returns.

At The Accountancy Solutions, we can help you with the following forms of CGT reliefs and allowances:

  • Dis incorporation Relief – eligible in some instances where a limited company changes to a sole trader or partnership.
  • Private Residence Relief – main residences are exempt from Capital Gains Tax, except for areas of the home which are used for business.
  • Business Asset Roll Over Relief – delayed Capital Gains Tax when qualifying assets are disposed of and replaced.
  • Incorporation Relief – delayed Capital Gains Tax when a business becomes a company.
  • Gift Hold Over Relief –  with the condition that the gifted assets are eligible for Capital Gains Tax when they are disposed of in the future.
  • Entrepreneurs Relief – a reduction of the rate of Capital Gains Tax, to 10%, on certain profits that qualify for the relief.

Advice for CGT Releif and Allownces

Our team at The Accountancy Solutions are on hand to help you through the process of business asset disposal and the surrounding regulations from the HMRC. The fully confidential service that we provide can save you considerable time and expense in all CGT matters.

For more information about our CGT services and CGT reliefs and allowances, don’t hesitate to get into contact with our team today.

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