Capital Gains Tax in Plympton

Get in touch

Capital Gains Tax Advice in Plympton

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 Plympton (Devon)

Get in touch

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


Skip to

Gallery

Other locations available for capital gains tax
Millway Rise East Portlemouth Sherwood Green Capton Milton Abbot Winslade Paignton Langtree Week Week Down Thomas Daccombe Whiddon Knowle Dean Burridge Combrew Colyford Nettacott Two Bridges South Common Killington Moreleigh Milton Combe Churston Ferrers Holne Hulham Shallowford Leigham Luxton Lower Dean Chillington Ellacombe Upton Pyne Challacombe Claypits Gidleigh South Pool Bradwell Barbrook Duerdon Martinhoe Cross Fenny Bridges Frenchbeer Turfmoor Trill Chevithorne Bennah Holyford Stockland Uppincott Stockleigh Pomeroy Murtwell Malmsmead Eastington South Wonford Townlake Galmpton Titchberry Starcross Cornworthy Fullabrook Harleston Tedburn St Mary Mutterton Wembury Shebbear Brockfield Vention Crook Southville Pilton Holsworthy Farringdon Plympton Newcott Barne Barton Splatt Cofton Berrysbridge Champson Petrockstowe Bolham Water Stenhill Wolborough Littleham Elwell Dunstone Oldway Romansleigh Ledstone St George's Well Coombe Gooseford Venton Rockbeare Wonford Hartley Millhill Little Knowle Lower Yelland Whipton Mary Tavy Caute Kingskerswell Morebath Lower Ridge Odam Barton Kingsheanton Buck's Cross Bickleton Hollicombe Woolston Rowden Fairmile Ash Moor Philham Milton Damerel Sloncombe Hollis Head Peppercombe Colebrooke Talaton Chaddlehanger Wrinkleberry Tippacott Ash Thomas Ashford Ashprington Bideford Muddlebridge West Town Hampton Modbury Higher Brixham Braunton Brookleigh Week Broadhempston Bickleigh Cotford Parracombe Ebberly Hill Buckhorn Livingshayes Ash Mill Langford Kingsett Bradford Torre Teign Village Cotmaton Cheldon Allercombe Burridge Diptford Whitford Heasley Mill Grilstone Bowd Sampford Spiney Combe Pafford Totnes Lutsford Humber Rawridge Cudlipptown Barton Town Littleborough Laira Court Barton Crediton Berry Down Cross Virginstow Wotter Grenofen Tower Hill Morchard Road Kentisbury Whitestone Pancrasweek East Buckland Stony Cross Hoo Meavy Hookway Metcombe Yalberton Widworthy Rackenford Stoneycombe Doddiscombsleigh Horndon Dawlish Warren Cheston Harford Hoops Cockwood Ashridge Court Shillingford St George Northcote Belstone Corner Boode St Michaels Merton Madford Brealeys Meadwell Rosemary Lane Lovaton Holcombe Folly Cross Parkham Ash Brimley Colebrook Ford Ermington Woodland Higher Gabwell South Knighton Kingsteignton Mead Bridestowe Iddesleigh Bugford East Charleton Butterleigh Bish Mill Bradninch Brendon Raymond's Hill Furley Netherton Westacott Tigley Nethercott Hittisleigh Barton Weston West Ashford Cove Harcombe Bottom South Yeo Mackham Forder Green Livermead East Village Lower Twitchen Ashford Hagginton Hill Bickingcott Hook Green Lane Northcott Whitehall Higher Cheriton Culverlane Abbotskerswell Kerswell Badworthy Twitchen East Butterleigh Little Bray Crawley North Star Seaton Poughill Portington Welcombe Kennerleigh East Ilkerton Landkey Newland Upcott Broadwoodwidger Goodstone Redmonsford Combe Cheriton Cross Holcombe Batworthy Little Torrington Priestacott Kenn Holcombe Rogus Hansel Brushford Burnstone Lower Creedy Veraby Barnstaple Morchard Bishop Pristacott Umborne Sandygate Dubbs Cross Queen Dart Uplowman Middlecott Whitleigh Wembworthy Putsborough Coombelake Blackhorse Knowles Hill Elstone Fordton East Ogwell Lydford Grinacombe Moor Highampton Staddon Trimstone East-the-Water Staple Cross Venn Ottery Babeny Mortehoe Harcombe Pottington Chawleigh Wilmington Mariansleigh Longcross Coombe Doccombe Hardisworthy Clovelly Trewyn Uplyme Appledore Smallridge Marldon Down St Mary Ford Bodley East Putford Bradaford Chaddlewood Longcause Holsworthy Beacon Shaugh Prior Calverleigh Ashburton Kingford Goldworthy Cotteylands Hutcherleigh Bow East Knowstone Yarcombe Thrushelton North Brentor Rexon Maidencombe Cornwood Sandy Gate Buckland Brewer Lynton Ingleigh Green Winsham Kingston Combe Buck's Mills Beer Haytown Cookbury Ware Combe Ham Cottwood Jacobstowe Riverside Sampford Chapple Easton Bidlake Hallspill Ilsington Kentisbeare Velly Efford High Bickington Holmacott Clyst Hydon Gunn Middle Luxton Dartington West Blackdown Brampford Speke Swimbridge Newland Appledore Arlington Beccott East Worlington Bridgetown Ebford Whimple Alston Chudleigh Leigh Newtown South Molton East Cornworthy Okehampton Sheldon Road Green Eastacombe Whitehall Lopwell Shorton Chulmleigh Billacombe Luppitt Kingford Shobrooke Kenton Lake Langaford Halwill Junction Mount Pleasant Hallsands Colliton Meavy Higher Slade Westleigh Langford Chittlehampton Tor Bradworthy Churchtown Kitbridge Burlescombe Stowford Velator Norton Huntshaw Water Woolfardisworthy Mannamead Ford Slapton Avonwick Newtake Ford Broadbury Shute Walkhampton Coombe Ipplepen Satterleigh Dunkeswell Hawkerland Exton Burlestone Pye Corner Woodland Head Strete Ralegh Ballhill Town Barton Ashreigney Barton Gate Stoodleigh Westwood Soar Clyst St George Sparkwell Torbay Stowford Pinhoe Meldon Pippacott Poundsgate Kerscott Nether Exe Axtown Crowden Huxham Nadderwater Padson Bratton Fleming Merrifield Combeinteignhead Chapmans Well Harbourneford Bradstone Farway Halsinger Lower Cheriton Cross Holewater Haccombe Halwell Mount Wise Hatherleigh Week West Panson Parnacott The Point Hopworthy Ponsford Lower Town Blackpool Sandford Penhill Brendon Stowford Bodmiscombe Frithelstock Larkbeare Broadhembury Port Bridge Stockwell Shillingford Estover Salcombe Axmouth Warfleet Oakfordbridge Wreyland Swallowfields Yealmbridge Cheriton Bishop Twist Great Weeke Shortmoor Fluxton Creacombe Taddiport Tricombe Broad Oak Lapford Merrivale Narfords Chelfham Winswell Kingscott Mount Lane Scorriton Elmscott Upcott St John's Chapel Harrowbeer Higher Ashton North Molton Branscombe Quartley Lower Slade Chelston Knowstone Farway Marsh Carlingwark Southway Monkton Mount Batten Millbrook Sourton Patsford Dolton West Town Cruwys Morchard Darracott Kellacott Holmsleigh Green Stokenham Ideford Topsham Crabtree Cookbury Wick Bradfield Lower Loxhore South Town Newton Abbot Two Mile Oak Cross Ernesettle Lettaford Torr Higher Molland Dipple Kennford Exebridge Crowder Park Stentwood Burford Alminstone Cross Clifton Half Moon Village Upcott Copplestone Witheridge Middle Stoke Higher Metcombe Ide Knighton Torcross Clawton Milber Rose Ash Hele Bridge Ball Newhaven Horwood Sid Cadeleigh Horrabridge Huddisford Blackpool Barbican Bovey Tracey Cross Roads Townsend Longdown Thorndon Cross Exeter Dunstone Up Exe West Hill Otterton Milton Green Combpyne West Stoke Huntshaw Venn Duryard Worlington North Tawton Honeychurch Heddon Wonson Northmoor Abbotsleigh Higher Prestacott North Town Blackmoor Gate Ossaborough Downicary Combe Martin Waddicombe Lee Gosford Bulkworthy Wilsham Brook South Radworthy Higher Clovelly Brownston Yondertown Wilminstone Halsfordwood Aller Park Ham Norman's Green Woodbury Salterton Dean Cross Hakeford Stoke Rivers Nymet Rowland Batson Langage Stoke Leeford Combe Raleigh Tuckenhay Yettington Buckland Bere Ferrers Brandis Corner Langridgeford Garlandhayes Gratton Well Town Luton Haytor Vale Chantry Brimley Orchard Hill Bridfordmills Oak Cross St Giles on the Heath Wadbrook Buckland Monachorum Berner's Cross Inner Hope Lee Mill St Thomas Waytown Teigngrace Bridge Reeve Landkey Spreyton Lifton Aish Bonehill Water Zeal Monachorum Odham Saltrens West Down St Marychurch Bottreaux Mill Stowford Knightacott Red Ball Middlemoor Neopardy Instow Countess Wear True Street West Worlington Stoke Hill Jack-in-the-Green Peter Tavy East Prawle Woodgate Riverton Cowley Ash Taleford Lower Cator Beacon All Saints Diddywell Croyde Frittiscombe Northleigh Watcombe Ludbrook Lydcott Ullcombe Marsh Colscott Middle Rocombe Northlew Luffincott Middlecott Hillerton Bickington Northcott Upton Hellions Derril Welsford East Leigh Bishop's Nympton Bratton Clovelly Highwood Hele Alphington Lana Lewtrenchard Lower Tale Hemyock North Buckland Ensis Bickerton Lamerton Higher Dunstone Devonport Lustleigh Cleave Heavitree Popham Morwellham Quay Eastleigh Stoford Water Mount Gould Columbjohn Nicholashayne Gappah Woodford Godwell Luson Swincombe Thurlestone Plymtree Sutcombemill Upper Dean Woolacombe Frithelstock Stone Wyke Green Ashcombe Hockworthy Bickleigh Membland Elburton Upottery Westcott Cheriton Sherberton Culm Davy Rousdon Countisbury Ash Hill Turnchapel Hole Tosberry Fordwater Outer Hope Higher Burrowtown Alverdiscott Heathfield Woodland Tiverton Bradiford Weeke Street Tamerton Foliot Molland Aylesbeare Taw Green Harberton Eggbuckland Challaborough Kernborough Westleigh Bulverton Rew Colleton Mills Dittisham Docton Cott Northay Churchill Knowle Dartmoor Expedition Centre Lupridge Halberton Cobbaton St Andrew's Wood Hollacombe Hill Knowle Weare Giffard Skaigh Roachill Oakford Eastacott East Panson Lee Whiddon Down Ugborough Awliscombe Chillaton Knotty Corner Blackpool Corner Sidford Oldways End Ashmansworthy Goodleigh Lewthorn Cross West Anstey Hele Sticklepath Hillhead Michelcombe Yondercott Chichacott Hennock Plymstock Nymet Tracey Oreston Golden Park Silford Kingston Buckfastleigh Blackborough Broadsands Clifford Heanton Punchardon Stroxworthy Charles Bottom Stonyland Moorhayne Germansweek Loddiswell Olchard Kingston Woolsgrove Croyde Bay Mile End Alfardisworthy Shirwell Gittisham Higher Warcombe Westown Rushford Wellswood Newton St Cyres Willingcott Whitnage Coarsewell Bere Alston Knowle Huntsham East Week Membury Hollacombe Smithaleigh Craddock High Bullen Harford Lutton Heath Cross East Kimber Eworthy Kilmington Chilsworthy Tredown Lower Gabwell Coldridge Dippertown Shore Bottom Cory Mogworthy Whimble Manaton Yelland Snapper Drayford Whipcott Littlehempston Sowton Westweekmoor Edistone Saint Hill Broadlands Highworthy Cullompton Underwood Tythecott Pennsylvania Woodford Lobhillcross Lana Trentishoe Boasley Cross Washford Pyne Bridford Lynbridge Hillfield Cotts Lutton Kemacott Henford Green Gate Jurston Eastdown Plymouth Exwick Horsebridge Caton East Youlstone Bocombe Bridge End Peverell Woodacott Cross Hele Sheepstor Manley Thornehillhead Milford Bursdon West Ogwell Lake Arlington Northmostown Rew Tavistock Stevenstone Middlecott Collaton Patchacott Compton New Inn Lea Dawlish Moortown Weston Mill Manor Bourne Widewell Sigford Simonsburrow Dulford Brixton Yeo Vale Stonecombe Penstone Burnard's Ho Lake Landcross Bantham Berrynarbor Tetcott Southerton Watchcombe Colaton Raleigh Poltimore Christow Babbacombe Smallbrook Coryton West Ilkerton Stowford Combe Fishacre King's Tamerton Hayne Bridgend Burrow Glenholt Aveton Gifford Harcombe North Huish Kingsbridge Hand and Pen Brayford Peter's Finger Shillingford Abbot Monkleigh Ayshford Musbury Start Whitmoor Stretch Down Perkin's Village Eastdon Dalwood Marsh Green Chambercombe Pomphlett Nine Oaks Dartmouth Churchill Lowertown Stoke Strete Widecombe in the Moor Crockernwell Lane End Stockleigh English Lympstone Gulworthy Landscove Aller Grove Middle Marwood Halwill Smeatharpe Salmonhutch Park Elston Shute East Leigh Buckleigh Monkokehampton Garliford Brinsworthy Yawl Guineaford Filleigh Torbryan Dartmeet Milton Hill Tillislow Huish Penquit Rosedown Landhill Wolverstone Bittadon Templeton Rockford Eastacombe Colyton Furze Worston Ilfracombe Ivybridge Meethe Coryton Sycamore Burscott Fairy Cross Pillmouth Blagdon Abbots Bickington Milltown Lapford Cross North End Aller Shop Meeth Bondstones Higher Tale Bow Way Village Wotton Cross Payhembury Cabbacott Washfield Luton Withacott Newport Newton Poppleford South Huish Churchstow Ponsworthy Yelverton Ellerhayes Newton St Petrock Blackpool Cotleigh Tytherleigh Welstor South Zeal Pathfinder Village Woodtown Dowland Higher Muddiford Southerly Woodbridge Staddiscombe Frost Woodbury Whitchurch Redhills Patchole Atherington Maidenhayne Cranford Cheristow Dunterton St Ann's Chapel Powler's Piece Combebow Stoneyford Higher Weaver Ramsley Chitterley Curtisknowle Yealmpton Vale Down Battledown Cross Woody Bay Umberleigh Brockscombe Prixford Moortown Tawstock Chivelstone Thornbury Roborough Norley Meshaw Lower Hookner Stokeinteignhead Winkleigh Uffculme Lewdown Colestocks Ticket Wood Nomansland Goveton Clyst St Lawrence Kimworthy Castle Waggs Plot Rickard's Down Preston Two Pots Culmstock Ottery St Mary Yarnacott Brynsworthy Beeson Thorn Yeo Mill West Buckland Venny Tedburn Thorverton Waddeton Enis Burrington Ashmill Bountis Thorne Trecott Brent Mill Weston Cowleymoor Vicarage Manadon Forda Westwood Stoke Fleming Clyst St Mary Loxhore South Milton Thorne Moor Folly Gate Trusham South Hole Millhayes Cheglinch Dousland Chivenor Langford Green Princetown Blannicombe Rewe Filham Woodacott Hugglepit Hele Mothecombe Goosewell Barwick Bittaford Horns Cross Woolwell Uton Upton Soldon Cross Denbury Beaworthy Sampford Peverell Mouth Mill Chasty Kersbrook Easton East Stowford Tillworth Slade Blegbury Churscombe Northcott Liddaton Puddaven Cattedown Cleave Barton Bickington Clearbrook Belsford Chardstock West Putford Millmoor Birchill Ridge Hiscott Upton Upcott Axminster Bentwichen Derriford Brightley Sweetham Lobb Benton Bolham Wiltown South Brent Waddon Heybrook Bay Martinhoe Peters Marland Teignmouth Roundswell Uppacott Prescott East Down Batsworthy Crockers Waterhead Goosemoor Bigbury-on-Sea Clayhidon Narracott Withleigh Newton Tracey Henaford Sowton Barton Budleigh Salterton Eggesford Station Beacon Chudleigh Knighton Woolston Green Upham Brayfordhill Shortacombe Allaleigh Clapham Galmpton St Dympna's North Waterhayne Exbourne Lurley Sheepwash Moor Cross Roborough Icy Park Northam Frogmore Dinworthy Polsloe Hannaford Derby Smallmarsh Dunchideock Northway East Allington Feniton Alfington Parkham Exminster Honicknowle Sutcombe Rattery Chub Tor Hartland Shiphay Preston Trow Haddacott Harpford Bridgerule West Alvington Blackawton Kingsdon East Mere Monkerton Buckland in the Moor Gammaton Black Dog Stopgate Horsebrook Langstone Tuckermarsh Butts Underdown Malborough Ashbury Abbey Reedy Abbey Gate Didworthy Little Silver Heathercombe Broadclyst Chagford Hollacombe Abbotsham Sidmouth Willand Moor Saunton Bishopsteignton Marwood Tipple Cross Bridge End Rydon Fishleigh Castle Pyworthy Beaford Silverton North Radworthy Noss Mayo Brendon Hawkchurch Smithincott North Whilborough Hollocombe Liftondown Bishop's Tawton Merrifield Yeoford Weycroft Hemerdon Wrangaton Shelvin Alswear Shinner's Bridge Westward Ho! Buckfast Raddon Moretonhampstead Headon Raleigh Ashwell Wick High Bray Beare Ashwater Wiggaton Crapstone Broad Parkham Darracott Jewell's Cross Cross Green Brook Black Torrington Millhayes Churchtown Sydenham Damerel Collaton St Mary Perry Sticklepath Edginswell Hollis Green Wastor Murchington Venngreen Waytown Woollaton Muddiford Tinhay Cadbury Mead Coldharbour Forda Chittlehamholt Church Green Berry Cross Forestreet Rexon Cross Dodscott Willand Pennymoor Throwleigh Trinity Beesands Georgeham Dean Stowford West Lyn North Bovey Higher Rocombe Barton Withycombe Raleigh Torquay Sherford Belstone Cross Meddon Chettiscombe Hole's Hole Bampton Sampford Courtenay Hexworthy Seaton Junction Hawley Bottom Westville Henstridge Coffinswell Langtree Rock Lower Lovacott Puddington Hillmoor Bigbury Brixham Buckland Filleigh Burrow Hatch Crownhill Tudhay Hillside Offwell Buckerell Bilsdon Hazelwood Twitchen Mill Chapelton Kelly South Tawton Tipton St John Ringmore Hooe Bowden Woodtown East Anstey Templeton Bridge East Budleigh Great Torrington Honiton Green Down Powderham Swimbridge Highweek Staddon Lower Wear Inwardleigh Uphempston Four Elms Pennycross Hillside Liverton Eckworthy Salcombe Regis North Heasley Ashculme Sorley St Giles in the Wood West Charleton Lumburn Holbeton Sidbury Dumpinghill Aller Loxbeare Stoke Canon Newtown Sector Nethercott Kentisbury Ford Warkleigh Compton Norton Dainton Stoke Gabriel Stibb Cross Dodbrooke Ford Little Silver Oldborough Loxhore Cott Lee Moor Cockington Woodford Cheriton Fitzpaine Woolfardisworthy or Woolsery Alwington Holy City West Sandford Brownheath Lincombe Quoditch Westlake Aunk Budlake Exmouth Moortown Bolberry Buckland West Leigh Newton Ferrers Drakeland Corner Postbridge Goodrington Littleham Southcott Sutton Hollocombe Town Fishleigh Clapworthy Petton Broadwoodkelly Millbrook King's Nympton Collipriest Rumsam Spriddlestone Fremington Harracott Woodmanton Hamlet Shaldon Northleigh Ashill Harbertonford Woodleigh Natcott South Allington George Nympton Aish Yarnscombe Brithem Bottom Longbridge Talewater Derriton Bondleigh Charles Wrafton Littletown Kingswear Newbuildings Waye Clyst Honiton Drewsteignton Southleigh Lower Ashton Filleigh Gatherley Clayhanger Prowse Heath Cross Lustleigh Dunsford Mutley St Budeaux Burston Staverton Ratsloe Moorhaven Village Gammaton Moor Riddlecombe Kellaton Stag's Head Stonehouse Bellever Heathstock Lynmouth Huish Dean Prior Holemoor Coleford Dog Village Berry Pomeroy