Capital Gains Tax in Castle Hill

Get in touch

Capital Gains Tax Advice in Castle Hill

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 Castle Hill (Greater Manchester)

Get in touch

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


Skip to

Gallery

Other locations available for capital gains tax
Irlam Lamberhead Green Pennington Mill Brow New Delph Sun Green Mill Hill Lowton Heath Durn Buckley Elton Bradley Fold Tunstead Toppings Nob End Prestolee Peel Hall Wingates Delph Ainsworth Sharston Sedgley Park Summit Roaches Castle Hill Millbrook Gilnow Werneth Bolton Kitt Green Egerton Fern Bank Hilton House Uppermill Brushes Oldham Edge Davyhulme Wall Hill Hollins Healds Green Tyldesley Romiley Moss Side Abbey Hey Cherry Tree Four Lane Ends Chapel Field Spotland Bridge Belfield Scot Lane End Cadishead Crooke Busk Portwood Harwood Lee Bamfurlong New Houses Tunshill Chadderton Fold Linfitts Roe Cross Spring Hill Great Howarth South Reddish Coppice Bramhall Moor Cale Green Godley Land Gate Lever-Edge Fallowfield Leigh Highfield Higher Blackley Town of Lowton Bradford Pitses Moss Nook Bickershaw Top o' th' Meadows Warburton Green Hindley Hooley Bridge Dangerous Corner Kersal Abram Beswick Smithy Green Starling Nimble Nook Warburton Bredbury Gale Orrell Post Calderbrook Dog Hill Higginshaw Milnrow Rain Shore Lowton St Mary's Stepping Hill Balderstone Sudden Taunton Lowton Heaviley Weaste Wardle Heights Side of the Moor Stanycliffe Mosley Common Lower Place Carrington Godley Hill Lane Ends Bamford Roundthorn Offerton Green Catley Lane Head Town Green Besses o' th' Barn Gigg Bowlee Heyrod Higher Green Birch Newton Heath Pemberton Hollingworth Four Gates Dunham Woodhouses Old Tame Failsworth Hathershaw Copster Hill Edgeley Shaw Side Heaton Moor Summit Walshaw Worsley Barlow Moor Swinton Broughton Park Denton Luzley Brook Cutgate Hollinwood Newton Worsley Hall Reddish Lees Stretford Alt Deane Grotton Thurston Clough Red Rock Middleton Junction Standish Lower Ground Littleborough Lower Kersal Hindley Green Backbower Offerton Northenden Flixton Rochdale Great Lever Springfield Pimhole Clough Didsbury Long Sight Bredbury Green Holcombe Benchill Denshaw The Hague Hawkley Goose Green Bowgreen Hunger Hill Dane Bank Fernhill Gate Marylebone Lime Side West Didsbury Firwood Fold Markland Hill Brownlow Fold Crompton Fold Werneth Low Knott Lanes Heaton Chapel Newton Wood Hurst Woodhouse Park Harrop Dale Quick Lowton Common Daisy Hill Orrell Well Green Newbold Longshaw Edge Green Broadoak Park Yew Tree New Bury Bank Top Rakewood Ramsbottom Oldham Sinderland Green Tottington Blackmoor Openshaw Black Lane Hawkshaw Heyheads Radcliffe Miles Platting Wilderswood Hyde Hulme Woodgate Hill Wood End Cooper Turning Buckton Vale Charlestown Bedford Hooley Brow Langley Woodford Woods End Broadhalgh Hollins Simister Rhodes Dobcross Marple Bridge Burnden Gorton Higher Boarshaw Burnage Lane Head Stockport Halfway Houses Shaw Heath Pickley Green Boothstown Woodhouses Halliwell Clifton Norden Broadbottom Alder Forest Dover Strangeways Ashley Heath Redvales Patricroft Wigan Stoneclough Harwood Gravel Hole Hooley Hill Harper Green Greenside Pobgreen Old Trafford New Moston Copley Mumps Daubhill Sholver Crofts Bank Bury Glodwick Walkden Sunny Bank Hazelhurst Doffcocker Acre Low Crompton Woodhouses Ashton-in-Makerfield Alt Hill Hilton Park Ordsall Partington Mottram in Longdendale Brindle Heath Dimple Poolstock Stand Roebuck Low Limefield Hazelhurst Greenacres Lostock Junction Heap Bridge Timperley Wardley Shevington Vale Dale Trub Torkington Westwood Park Worsley Mesnes Kitt's Moss Bramhall Park Firswood Shuttleworth Dukinfield Audenshaw Cheetham Hill Landslow Green Limehurst Carr Summerseat Higher End Bunkers Hill Hall i' th' Wood Collyhurst Caldermoor Willows Chequerbent Windlehurst Oldfield Brow Little Bolton Rosehill Slackcote Barrow Bridge Nangreaves East Didsbury Bromley Cross Higher Broughton Smithy Bridge Standish Northern Moor Whelley Bagslate Moor Ashton Upon Mersey West Gorton Flowery Field Smallbridge Droylsden Heaton Austerlands Moston Woodlands Heaton Norris Charlestown Golborne Haughton Green Manchester Newtown Hazelhurst Crowhill Moorend Stanley Green Top Lock Bryn Gates Arden Park Astley Green Wood End Kirklees Birtle Irlams o' th' Height Crumpsall Hollins Bentgate Woolley Bridge Whalley Range Horwich Winstanley Westleigh Kearsley Hill Top Woodley Seedley Carrbrook Altrincham Rusholme Marsh Green Kirkholt Ridge Hill Walmersley Slattocks Far Moor Blackley Carr Green Newhey Ellesmere Park Gathurst Gorse Hill Red Lumb Heady Hill Greengate Atherton Diggle Hurstead Over Hulton Peel Green Royton Montcliffe Clayton Mottram Rise Grasscroft Castleton Lark Hill Summit Gee Cross Tonge Fold Bramhall The Banks Chadkirk Woodhey Ashton-Under-Lyne Brook Bottom Shawfield Swinton Park Waterloo Hag Fold Cox Green Broadheath Ancoats Moorside Winton Davenport Green Norbury Moor Whitefield Cheadle Marple Fullwood Hattersley Little Clegg Marland Cinder Hill Mellor Firgrove Burnedge Broadfield Astley Gatley Buersil Head Running Hill Head Horrocks Fold Salford Tamer Lane End Pendleton Bowdon Dunscar Little Scotland Firs Lane Urmston Fitton Hill High Lane Wolstenholme Stake Hill Johnson Fold Thornham Fold Luzley Dales Brow Little Lever Astley Bridge Pocket Nook Marpleridge Bradshaw Dunham Town Rough Bank Hart Common Mossley Roe Green Wythenshawe Honresfeld Sharples Brinnington Rainsough Mossley Brow Shore Withington Stubshaw Cross Blackrod Trafford Park Syke Bottom o' th' Moor Haggate Greenheys Compstall Clifton Junction Longsight Brunswick Platt Bridge Park Bridge Farnworth Free Town Edge Fold Holden Fold Brooklands Monton Darn Hill Little Moor Hindsford Hale Barns Moorside Heald Green Shevington Davenport Crankwood Tame Water Greenfield Ince in Makerfield Micklehurst Heaton Mersey Cheadle Heath Chesham Wood Road Outwood Marsland Green Ardwick Turf Hill Plank Lane Howe Bridge Smallshaw Beech Hill Kirkhams Bardsley Darcy Lever Bleak Hey Nook High Crompton Haigh Lydgate Watersheddings Westhoughton Greave Quick Edge Kingston Dumplington Scholes Hartshead Green Breightmet Water's Nook New Springs Unsworth Warhill Shawclough Lower Bredbury The Bell Scouthead Adswood White Gate Ley Hey Park Pendlebury Chorlton-cum-Hardy Hale Chew Moor Guide Bridge Eccles Prestwich Daisy Nook Top of Hebers Mudd Moorhey Holts Pennington Green Flixton Alkrington Garden Village Fernhill Strines North Reddish Thorp Levenshulme Newtown Hazel Grove Boar's Head Jericho Shaw Winstanleys Whitley Belle Vue St George's Heyside Matley Harpurhey Sale Fairfield Fishpool Moses Gate Lower Broughton Holcombe Brook Brooksbottoms Great Moor Eagley Shakerley Tonge Moor Nuttall Clough Bank Lane Gillbent Affetside Woolfold Blackford Bridge Dearnley Springhead Chadderton Stoneyfield Baldingstone Stalybridge Town Lane Middleton Healey Haugh Aspull Common Higher Folds Bolholt Rose Hill Greenmount Bryn Baguley Grains Bar Clarksfield Linnyshaw Jubilee Foggbrook Captain Fold Wallsuches Parr Brow Lostock Debdale Fairfield Crimble Lilford Little Hulton Newall Green Lady House Shevington Moor Heywood Ringley Barton Upon Irwell Highfield Moorclose Hawk Green Cheadle Hulme Clifton Green Littlemoss Aspull Hartshead Pike Mossbrow Hopwood Lower Green Oak Bank Woods Moor