Capital Gains Tax in Tregare

Get in touch

Capital Gains Tax Advice in Tregare

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 Tregare (Monmouthshire)

Get in touch

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


Skip to

Gallery

Other locations available for capital gains tax
St Maughans Green Gaer-fawr Rhadyr Stanton Bryngwyn Cleddon Llantilio Pertholey Garth Common-y-coed Monkswood Mamhilad Coed Cwnwr Llandegveth Penpedairheol Star Hill Llanllowell Deepweir Croes y pant Monmouth Cap Cwmcarvan Cotland Llanelly Grosmont Carrow Hill Wern-y-cwrt Penallt Trelleck Grange Shirenewton Rockfield Dingestow Llancayo New Inn Over Monnow Cicelyford Undy/Gwndy Narth, The Cupid's Hill Crick Tal-y-coed Whitewall Common Tredunnock Crossway Green Crossway Walson Nant-y-derry Llanarth Chapel Hill Monmouth/Trefynwy Coed-y-fedw Buckholt Llangeview The Cwm Llanteems Pencroesoped Onen Newbridge on Usk Llanvapley Cwmyoy Llanfihangel near Rogiet Brynygwenin Earlswood Newchurch Trostrey Common Leechpool Creigau Penperlleni Broadstone Ton Llandenny Gwernesney The Hendre Rogiet Goetre Llandenny Walks Highmoor Hill Bullyhole Bottom Llandogo Wyesham Treadam Llanhennock Crossways Llanwenarth Tyla West End Llangua Oldcastle Glascoed Vinegar Hill Mitchel Troy Parkhouse Llanvihangel-Ystern-Llewern Llantilio Crossenny Howick Llangybi Llanishen Magor/Magwr Twyn-y-Sheriff Portskewett Cobbler's Plain Rhyd-y-meirch Knollbury Caerwent Worthybrook Devauden Botany Bay Tre-wyn Great Oak Coed-y-paen Govilon Mounton Penpergym Llanfihangel Tor y Mynydd Aberffrwd Itton Common Wern-Gifford Llanvihangel Gobion Bettws Newydd Bettws Ty-fry Kymin Caggle Street Maryland Llanbadoc Raglan Croes-Hywel Llwyn-du Chepstow/Cas-Gwent Cross Ash Pwllmeyric Llanelly Hill Caerwent Brook Whitelye Maypole Llanfair Kilgeddin Llanddewi Rhydderch Llanellen Llangovan The Bryn The Cot Llanthony Catbrook Trewen Abergavenny/Y Fenni Llandevenny Upper Green Hoop Tre-gagle Maesygwartha Glyn Skenfrith Beili-glas Common Cefn-llwyn Gilwern Llanvetherine Llanfoist Clydach Cwm Nant-gam Jingle Street Penbidwal Gwehelog Llanvihangel Crucorney Lower Common Forest Coal Pit Pen-y-clawdd The North Newcastle Little Mill Wayne Green Causeway Gaerllwyd Mount Ballan Norton Treworgan Common Llangattock-Vibon-Avel Pen-y-fan Llanvair-Discoed Llansoy Twyn-Allws Pit May Hill Coed Morgan Usk/Brynbuga Bulwark Llangwm Kingcoed Tregare Mathern Groes-lwyd Croes Llanfair Five Lanes Tintern Whitebrook Wernrheolydd Pen-yr-heol Mynydd-bach Newton Green Mardy Itton Penrhos Caldicot/Cil-y-Coed Pandy Trellech Llanddewi Skirrid Lower Common Pen-y-cae-mawr Wolvesnewton Llantrisant Llangattock Lingoed Llanddewi Fach Llanover Blackrock Kilgwrrwg Common St Arvans St Maughans