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PERSONAL CAPITAL LOSSES

PERSONAL CAPITAL LOSSES

Almost all capital gains are now taxable under Capital Gains Tax (CGT). However, as gains must be taxed, there are also certain regulations surrounding capital losses – where an asset has decreased in value and subsequently the disposal of that asset has caused a personal loss. This could be the sale of a second home or antique for less than the purchase price.

There are many conditions and regulations surrounding the offsetting of personal capital losses against those of personal capital gains. In many situations, the losses can be carried forward to account for gains in future years, but the process cannot be reversed.

PERSONAL CAPITAL LOSSES PROFESSIONAL ADVICE

When calculating your gains and losses for the tax year, it can be of considerable benefit to enlist the help of a trained CGT accountant. Knowing where you stand with CGT liability, the exemptions, and reliefs, can make sure that you are not paying more CGT than what is required. At The Accountancy Solutions, we can help you in the following areas of personal capital losses:

  • Capital Gains Tax Planning
  • Capital Gains Tax Liability
  • Capital Gains Tax Charge Exemptions
  • Annual Exemptions for Spouses and Civil Partners
  • Capital Losses Calculations
  • Capital Gains Liability Reliefs, such as,
    • Entrepreneurs Relief – available in some situations where there has been a qualified business disposal and certain parameters are met.
    • Rollover Relief – claimed when business assets have been gained within a certain period before or after the disposal of other business assets. The CGT is then rolled over until the new asset is sold.
    • Enterprise Investment Scheme – gains can be protected via deferral by investing in shares in an unquoted trading company that is qualified.

Support for Personal Capital Losses Claim

Offsetting your gains and losses is a very important part of filing your CGT return. At The Accountancy Solutions, we provide a full service for capital loss assessments and calculations, helping you to get your accounts in order and only pay what CGT is really owed. For more information about our professional CGT accountants, and how we can help manage your capital gains and losses, don’t hesitate to contact our team today.

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