Capital Gains Tax

Capital gains tax underwent a substantial change in April 2008 as a result of the abolition of Taper Relief, which had been in place for 10 years.

Capital gains tax is now payable on the disposal of most personal capital assets at the flat rate of 18%.

Where assets have been held since March 1982, and thus a valuation is required, we can assist with the obtaining of a valuation and its agreement with H M Revenue & Customs in advance of reporting the disposal on your self assessment return. This procedure can save £’s in potential late payment interest which could arise if the March 1982 valuation is challenged by H M Revenue & Customs upon submission of your self assessment return.

Certain time limits apply for this procedure to be effective so please contact us at your earliest opportunity to discuss your circumstances.

We can advise regarding the timing of future capital disposals in order to maximise any reliefs and allowances available to you.