Capital Gains Tax in Owton Manor

Get in touch

Capital Gains Tax Advice in Owton Manor

At The Tax Advisors, we offer expert Capital Gains Tax (CGT) services to help you navigate the complexities of the tax system.

As professional and affordable tax accountants based in the UK, we ensure you meet your tax obligations efficiently and without stress.

We’ll cover everything you need to know about Capital Gains Tax, including key areas where CGT applies, how it's calculated, and answers to frequently asked questions.

Get in touch

What is Capital Gains Tax?

Capital Gains Tax (CGT) is a tax on the profit you make when you sell or dispose of an asset that has increased in value. It’s crucial to understand that this tax is only charged on the gain—the difference between what you paid for the asset and what you sold it for—rather than the total amount of money received.

Key Areas Where Capital Gains Tax Applies

If you’re a UK resident, you may be liable for Capital Gains Tax when you sell or dispose of certain assets. This includes:

  1. Property: When selling a second home, buy-to-let property, or land that isn’t your primary residence.

  2. Investments: Disposing of shares, bonds, or other financial instruments.

  3. Business Assets: Selling part or all of your business or business assets.

  4. Personal Possessions: Selling valuable items worth over £6,000, such as artwork, antiques, or jewellery.

How is Capital Gains Tax Calculated?

When selling assets, it's essential to understand that this transaction can trigger Capital Gains Tax obligations. To calculate CGT, follow these steps:

  1. Determine the gain: Subtract the original purchase price (including any associated costs) from the selling price (minus selling expenses).

  2. Apply any reliefs or exemptions: Several allowances and reliefs are available, such as the Annual Exempt Amount (£6,000 for individuals in 2023/24) and Private Residence Relief for your main home.

  3. Apply the tax rate: The CGT rate depends on your income tax band—18% or 28% for residential property and 10% or 20% for other assets.

Common FAQs About Capital Gains Tax

1. Who needs to pay Capital Gains Tax?

If you're a UK resident and you sell or dispose of certain assets, you may be liable for CGT. Non-residents may also need to pay CGT on UK property sales.

2. What assets are exempt from CGT?

Assets such as your primary residence, personal cars, and ISAs (Individual Savings Accounts) are typically exempt from CGT.

3. When do I need to report and pay Capital Gains Tax?

You must report CGT in your Self-assessment tax return. For UK property sales, CGT must be reported and paid within 60 days of the sale.

4. Can I reduce my Capital Gains Tax bill?

Yes, through careful planning and by utilising available reliefs such as Entrepreneurs' Relief, Gift Hold-Over Relief, and Private Residence Relief.

How The Tax Advisors Can Help You

The Tax Advisors specialise in providing comprehensive Capital Gains Tax services to ensure you comply with UK tax laws while minimising your liability.

Whether you are selling property, investments, or business assets, we can help you accurately calculate your CGT obligations, ensuring that all possible reliefs and exemptions are applied.

By strategically planning your asset sales, we can help reduce your Capital Gains Tax liability, saving you money in the long run. We also ensure that all CGT obligations are accurately reported, keeping you in good standing with HMRC.

Why Choose The Tax Advisors?

At The Tax Advisors, we are dedicated to providing affordable, high-quality tax advice tailored to your specific needs. Our team offers:

  • Professional Expertise: With years of experience in UK tax law, we are well-equipped to handle your Capital Gains Tax requirements.

  • Affordable Services: We pride ourselves on offering competitive pricing without compromising on the quality of our services.

  • Personalised Advice: We understand that every client's situation is unique, so we tailor our services to meet your individual needs.

Conclusion

Understanding and managing Capital Gains Tax doesn’t have to be complicated.

With The Tax Advisors by your side, you can ensure that your CGT obligations are met efficiently and cost-effectively.

Whether you’re dealing with property, investments, or business assets, we’re here to help you navigate the process and minimise your tax liability.

Get in touch

We cover Owton Manor (County Durham)

Get in touch

We aim to get back to you in 1 working day.


Skip to

Gallery

Other locations available for capital gains tax
West Pasture Rushyford Cold Hesledon Chester-Le-Street Fir Tree Bowbank High Forge Longnewton Mordon Kirk Merrington Aislaby Foxton Staindrop Consett Ludworth Piercebridge Nevilles Cross Fleming Field Mount Pleasant Crimdon Park Bradbury Merrybent Dalton-le-Dale South Hetton Egglesburn South Stanley Hummersknott Croxdale Great Chilton Quebec Quarrington Hill Toft Hill Easington Colliery High Coniscliffe Westwick Satley Shadforth Broompark Wycliffe South Moor Hilton Yarm Newfield North Close Eden Vale Dent Bank Monk Hesleden High Grange Bishopsgarth Hill Top Durham Seaham Witton-le-Wear Coundongate Ferryhill Station Hardwick Great Lumley Holwick Crawleyside Upper Town West Pelton Beaumont Hill Carlbury Hamsterley Bowburn Leamside Middle Side Kelton Ireshopeburn Haswell Moor Rainton Gate Thornley Coal Bank Wackerfield Copley Killerby Lingfield Witton Gilbert Hilton Tan Hills Dawdon Tantobie Frosterley Coundon Rise Carr Craigside Forest-in-Teesdale Peterlee Waskerley Ettersgill New Ho Coatham Mundeville Pelton Crookhall Woodside Shotton Barningham Old Eldon Egglescliffe Elvet Hill Horsleyhope The Headland Perkinsville Old Wingate Western Hill Castleside Phoenix Row Low Etherley Whinfield Wearhead Aykley Heads Coxhoe Stillington West Auckland Grange Hill Roddymoor Urlay Nook Dene, The High Friarside Stanley Greta Bridge High Dyke Preston-on-Tees North End Burnopfield Chester Moor Eldon Aukside South Pelaw Hartlepool White-le-Head Sunniside Langdon Beck Newbiggin St John's Chapel Flint Hill Greatham Darlington Lintz Brancepeth Fairfield High Leven Mainsforth Elwick Mowden Esperley Lane Ends Barmpton Brafferton West Park Harrowgate Hill Ushaw Moor New Brancepeth Parkside Great Stainton Ingleton Oakenshaw Middlestone Moor Sockburn Chilton Sadberge Bildershaw Bowlees Hurworth-on-Tees Cassop Bollihope Dean Bank Hawthorn Green Head Tudhoe Grange Bishopton Muggleswick West View Esh Kimblesworth Edmondsley Redworth Bridgehill Sunny Brow Hurworth Place Escomb Butterwick Eaglescliffe Kinninvie Snaisgill Thorpe Thewles Stainton East Blackdene Haverton Hill South Church Etherley Dene Shotley Bridge Langley Park Newton Aycliffe Winston Hart Station St Helen Auckland Butterknowle New Coundon South Wingate Roseworth Thornley Moor End The Grove Cornsay Thorpe Tursdale Sherburn Cockerton Newton Bewley High Stoop Tudhoe Harelaw Running Waters Sheraton West Blackdene Ramshaw Skerne Park Old Quarrington Rookhope Faverdale Catchgate Lanehead Bishop Auckland Willington Helmington Row Blackhall Colliery Gilesgate Moor Maiden Law Wheatley Hill Brandon Kelloe Sedgefield Leeholme Stockton-on-Tees Beamish West Lea Ferryhill Cowshill Wolviston Stanley Crook Littletown Ebchester Whitton Witton Park Black Banks Howden-le-Wear Lartington Morley New Kyo Heighington Morton Tinmouth Station Town Pickering Nook Newton Ketton Hury Owton Manor Bowes Newlands Middlestone Harwood West Rainton Headlam Langton Binchester Blocks Walworth Slack, The Deneside Brignall Haughton Le Skerne Little Stainton School Aycliffe Elton Allensford Scargill Craghead Low Coniscliffe Chilton Lane Brotherlee Whinny Hill Oak Tree Aycliffe Village Burnhope Kirklevington Carlton Wall Nook Belmont Tanfield Lea Portrack Pittington Holmside New Hunwick Crookgate Bank Sandy Carrs Tanfield Woodland Tindale Crescent Inkerman West Butsfield Summerhouse Sunderland Bridge Cotherstone Hallgarth Benfieldside Woodham Branksome Romaldkirk Carrville Hunstanworth Nettlesworth Evenwood Evenwood Gate Copthill East Kyo High Haswell Bournmoor Little Newsham Easington Framwellgate Moor Hutton Henry Bridge End Fishburn Trimdon Byers Green Hutton Magna Bolam Shield Row Boldron Thornaby-on-Tees Cockfield Grindon High Throston Sacriston Healeyfield Laithkirk Middridge Dalton Piercy Esh Winning Plawsworth Hamsterley Mount Pleasant Mickleton Low Westwood Shotton Dipton Close House Lanchester Gainford Bishop Middleham Neasham Horden Ouston Hedley Hill Annfield Plain Middleton One Row The Middles Meadowfield Hett Old Stillington West Cornforth Hart Lumley Thicks Cornriggs Cornforth Harrowgate Village Causey West Kyo Port Clarence Firth Moor Gilmonby Boltshope Park North Bitchburn Hill End Thorpe Larches Great Burdon Royal Oak East Law Billingham Quaking Houses Billy Row Cowpen Bewley Tow Law Thringarth Newbiggin Middleton St George Eggleston Hunderthwaite Leasingthorne Iveston Daddry Shield Metal Bridge Low Dinsdale Todhills Trimdon Colliery Shildon High Handenhold Bedburn Haswell Plough Seaton Carew Page Bank Denton Urpeth Whorlton East Briscoe Startforth Waldridge Preston-le-Skerne East Hedleyhope Barnard Castle Eastgate Seaton East Stanley Stony Heap Lowes Barn Town Kelloe Townfield Old Cassop Sherburn Hill Sherburn Grange Hesleden Langley Moor Little Thorpe Fulthorpe Greenhill Houghton-le-Side Kip Hill High Hesleden Medomsley Embleton Castle Eden Clough Dene Rift House Hunwick Delves High Shincliffe Eastbourne Moorside Hill Top Elstob Ornsby Hill Norton Blackhall Rocks Blackwell Wynyard Village Ramshaw Archdeacon Newton Oxhill Grange Villa Cleatlam Stanhope Houghton Bank Hill Top Lintzgarth Knitsley Blackhill Hartburn Gilesgate Pity Me Shotton Colliery Maltby Coundon Grange Westerton Northlea Eldon Lane Bearpark Middleton in Teesdale Edmondbyers Ovington Harperley Leadgate Spennymoor Brierton Sheep Hill High Westwood Waterhouses High Etherley Pelton Fell Haswell Broom Hill Shincliffe Crook South Side Murton Wolsingham Trimdon Grange Thinford Deaf Hill Walworth Gate Westgate Wingate Newfield Newton Hall Hobson Middleton Greencroft Templetown Cornsay Colliery High Urpeth Toronto Redmarshall Garmondsway