Capital Gains Tax in Hampsthwaite

Get in touch

Capital Gains Tax Advice in Hampsthwaite

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 Hampsthwaite (North Yorkshire)

Get in touch

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


Skip to

Gallery

Other locations available for capital gains tax
Foxholes Barton-le-Street Castle Bolton Masongill Husthwaite Burton Leonard Mearbeck The Grange Nether Silton Gayles Braidley Hovingham Kepwick Hemlington Thornton-le-Moor High Worsall Ellerby Scarborough Timble Low Grantley Boosbeck Huttons Ambo Flaxby Darley Newsham Burnt Yates Osbaldwick West End Selly Hill Ingleton Hartforth Drebley Lease Rigg West End West Knapton Leppington Kirk Deighton Kirby Grindalythe Fishpool High Bentham Silpho Markington Fleets Lastingham Airy Hill Hawsker High Hawsker Norton-on-Derwent Upper Dunsforth Low Snaygill Smelthouses Well Potto Yearby Wath Rievaulx Bridge Hewick Brompton Wath Brompton-on-Swale Moor End Leeming Langthorne Howgill Newby Thorpe Underwood Wrelton Hambleton Angram Kirkby Wharfe Wykeham Gayle Gill Kirby Misperton Studfold Great Barugh Tockwith Settle Hunmanby Helperthorpe Leavening North Kilvington Wilton Topcliffe Pateley Bridge Sicklinghall Buttercrambe Murton Grange Fairburn Osgodby Common Hardgate Manfield Crambe Lofthouse Oakdale Heathfield Stillington Enterpen Brackenbottom Chapel Haddlesey East Ayton Scotton Cawood Newton-le-Willows Castleton Stonegrave New Thirsk Crambeck Bolton Bridge Oatlands South Bank Leyburn Lowna East Hauxwell Byram Ryther Acaster Selby Gatenby Bordley Carlton Briscoerigg Padside Green Wass Overton Nappa Scar Tancred Cockayne South Holme Hopperton Little Ouseburn Skipton Summerscales Sutton-under-Whitestonecliffe Low Worsall Cawton Middleton Aldwark Dallow Eastfield Wilton Hutton Conyers Low Laithe Thorpe Bassett Cononley Rookwith Threapland Newbiggin Allerton Mauleverer Hurgill Shaw Mills Pinchinthorpe Cayton Crockey Hill Ainderby Steeple Bossall Ampleforth Camblesforth Healaugh Eavestone Dacre Banks Berwick Hills Grosmont Bell Busk Dawker Hill Tunstall Thornthwaite Stainton Kirkby Malzeard Airmyn Kirkby Mills Brayton Houlsyke Holme Green Hutton Sessay Stape Kirklington Masham Crackpot Great Heck Swinton Woodhall Keldholme Catterton Carleton-in-Craven West Haddlesey Thorpe West Rounton Crosby Court Greystonegill Settrington Starbotton Ure Bank Marske Wheldrake Goathland Bagby Thimbleby Scruton Barrowcliff Ravensworth Sneatonthorpe Rainton Tollesby Bagby Grange High Shaw Street Houses Raygill Coxwold South Milford Middlethorpe Londonderry Fawdington Filey Foston Buckden Suffield Middlecave Scackleton Thornton Rust Fadmoor Church Fenton Whenby Brawith Ripon West Layton Conistone New Park Skeeby Worton Cold Kirby Barden Dalton Melmerby Snainton Great Broughton Barnoldswick Beal Little Ayton Oswaldkirk Claxton Borrowby Thornborough Hinderwell Park End Marrick Felixkirk Crathorne Acklam Newton under Roseberry Aldbrough St John Great Langton Old Byland Colsterdale East Harlsey Kilton Brafferton Ingleby Arncliffe Swinton Grafton Hutton Hang Junction Wykeham Clifton York North Lees Rathmell Thruscross Little Stainforth Kellingley Azerley Sowerby Foxup Bilton Naburn Wath Bickerton Girsby West Cliff Thornton-le-Street Harome Low Whita Youlton Woodlands Skewsby Little Crakehall Cracoe Guisborough Beckermonds Cowthorpe Cliffe Westerdale Pockley Moor Monkton Moor Cloughton Newlands Green Hammerton New Earswick Barton Hartoft End Thirn Acomb Warlaby Whitley Thorpe Askwith Myton Hall Sheriff Hutton Wharram Percy Marton-in-the-Forest Cold Cotes Easby Stonegate Croft-on-Tees Alne Station Tollerton Ingleby Greenhow Hawnby Hackness Holme Kearby Town End Sandhutton Carlton Middleham Lazenby Caldbergh Ingmanthorpe Yearsley Bilbrough Eryholme Chapel Fields Birdforth Stapleton Arkendale Selside Aiskew Angram West Scrafton Airton Sutton-on-the-Forest Hampsthwaite Carperby Appleton-le-Street Yedingham West Harlsey Ravenscar Gillamoor Embsay Stearsby Kirkby Overblow Forcett Ellerbeck Richmond Gilling East Helmsley Nunnington Glaisdale Coulby Newham Langcliffe Eldroth Scrayingham Rillington Crossgates Bilton Haggs Low Row Harwood Dale Catton Gate Helmsley Cliffe Exelby East Rounton Kettlesing Ashfold Side East Loftus Kildale New Houses Coulton Little Smeaton Warthill Fewston Moor End Field Birdsall Rowden Hutton Bonville Ellerton Baldersby Hessay Sutton Howgrave Pannal Ash Thixendale Cross Lanes Sherburn Great Smeaton Stutton Walden Stubbs Giggleswick Bishopthorpe Netherby Oughtershaw Middlesmoor Bolton Abbey East Witton Thwaite Walkerville Langthorpe Winksley Hackforth Hill End Thornton-le-Clay Brookfield Knavesmire Sproxton Haxby Hall Garth Aislaby Borrowby Heslington Burton in Lonsdale Rylstone Woodale Thorns Pallister Lumby Irton Nunthorpe Clint Deepdale Kexby Tang Nappa Ebberston Knayton Weston East Common Bedlam Skinningrove Crayke Dalby Deerstones Great Ayton Bainbridge Pickering Aldborough Askham Richard Ganthorpe Binsoe Newhay Skyreholme Hunmanby Moor Thorgill West Ayton Padside Dunsley Greygarth Hill Top Tame Bridge Marton Weeton Sessay Bishopton Little Skipwith Ferrensby Bank Newton Fearby West Burton Winsley Otterburn Lothersdale Newsham Huby Thornton-in-Craven Key Green Hardraw Huntington Wharfe Redmire Moor End Coverham Biggin Kirkbymoorside Newby Little Habton Eggborough Bramley Head Old Thirsk Norton-le-Clay Dringhouses South Otterington Firby Teesville Stirton Rosedale Abbey Castley Kirby Hill Ryton Sawley Goldsborough Feetham Seamer Egton Bridge Clapham Farlington Upsall Fryton Flaxton Linthorpe Wensley Howsham West End Bolton Percy Skipton-on-Swale Birstwith Muscoates Keld Houses Appersett Ripley Welburn Nawton Fewston Bents Nunwick Bishop Thornton Staupes Long Preston Lealholm Side Green Close Sinnington Ingerthorpe Little Smeaton Leighton Hipswell Theakston Danby Hellifield Moor Monkton Huby Wombleton Dale End Whitby Royal Oak Cridling Stubbs Raw Foxton Hebden Monk Fryston Daw Cross Lingdale Folkton Picton Nunthorpe Thorganby Sutton-in-Craven Sawdon Norby Knaresborough Colton Newbridge Ulleskelf Primrose Valley Thornton Steward Danby Wiske Easterside Gollinglith Foot Charltons Littlethorpe Cawthorne Walshford Lockton Galphay East Ness Brough With St Giles Hensall Pannal Appleton Wiske Healey Roxby Earswick Holgate Streetlam Malham South Stainley Beadlam Linton-on-Ouse Wharram le Street Bland Hill Killerby Hambleton Ramsgill Swinden Roecliffe Whorlton Winton South Kilvington Westow Tang Hall Langbaurgh Downholme Melsonby Catterick Bridge New Road Side Weaverthorpe Little Fencote Runswick Bay Eppleby Westfield Stalling Busk Oulston Farnley Seave Green Scampston Green End Lund Beckwith Baldersby St James Kilton Thorpe Calcutt Constable Burton Low Garth Booth Bridge Arrathorne Heyshaw Wake Hill Lawkland Green Kellington Kilnsey Over Silton Alne Whitwell Milby Wigglesworth Great Habton Booze Swinithwaite Hemingbrough Burrill Coneythorpe Follifoot Terrington Kirby Wiske Great Edstone Bridgehouse Gate Newton Kyme Halton Gill Womersley Briggswath Little Ribston Goldsborough East Layton Thorlby Chapel-le-Dale Minskip Kelfield Kirby Sigston Hawes Helwith Bridge Appleton-le-Moors Stapleton Maunby Scarthingwell Dunkeswick Kettlesing Bottom Seamer Temple Hirst Kirk Hammerton Langthwaite Calton Mickley Thirlby Whaw Ruswarp Hirst Courtney Towton Flawith Newbiggin High Ellington Bedale Thormanby Layerthorpe Rufforth Bouthwaite Crowdon Drax Beamsley Little Barugh Horton in Ribblesdale Kirkby Ellingstring Moxby Brotherton Hetton West Witton Ellerburn Balne Beningbrough Burtersett Garriston Kirby Knowle Boulby Thrintoft Welbury Marton-le-Moor Thorpe Wood Oldstead High Birstwith Great Ouseburn Helperby Cargo Fleet Whitley Bridge Grassington Whixley Staithes Throxenby Ganton Cock Hill Bellerby Clifton Moor Studley Roger Jennyfield Low Bradley Myton-on-Swale Urra Tadcaster Thornton-le-Dale Storiths Washfold Towthorpe Draughton Newby Great Crakehall Hutton Buscel Ladies Riggs Monk End Howe Skelton on Ure Thirsk Yockenthwaite Harlow Hill Slapewath Barlow Stainsacre Fulford Spennithorne Reeth Satron Faceby Newby Salton Gilling West Denton Barlby Low Marishes Ulshaw Hazlewood Ainthorpe Brompton-by-Sawdon Low Hutton Newton-on-Rawcliffe High Eggborough Forest Moor Yafforth Burneston Finghall Moulton Swainby Middleton Quernhow Whitewall Corner Carlton Husthwaite Swincliffe Eston Moor End Staveley Hudswell Margrove Park Thornton Byland Abbey Ilton New Brotton Newland Mill Dam Commondale Sexhow Middleton-on-Leven Sinderby Hornby Copgrove Aysgarth High Marishes Little Heck East Cowton Northallerton Warthermarske Normanby Bullamoor Askham Bryan Warsill Hut Green West Appleton Firby Blubberhouses Ugglebarnby Water Houses Countersett South Duffield New York Brawby Kirk Smeaton Hartwith Wintringham Lawkland Wydra Forest Lane Head Wiganthorpe Loftus Hill Top Saxton Cowling Allerston Harton Austwick Nun Monkton Brackenthwaite Clapham Green West Marton Spacey Houses Newby Scawton Low Hawsker Walmgate Stray Grimston Port Mulgrave Lower Westhouse Risplith Easington Mill Hirst Darley Head Rawcliffe Dalton North Grimston Thornton-le-Beans Hunsingore High Kilburn Hutton Gate Rossett Green Skelton Low Gate Leake Pickhill Lealholm Lane Ends Colburn Patrick Brompton Preston-under-Scar Nun Appleton Kirkby Fleetham Chop Gate Romanby Leeming Bar Hutton-le-Hole Kirkbridge East Barnby Butterwick Goulton North Cowton Branton Green Birkin Cowling Langbar Sutton Meagill North Skelton Stanghow Kearton Greenhow Birkby High Harrogate Longscales Langton Cotterdale Wilsill Coatham Eastby Woodhall Holly Hill East Newton Battersby Eshton Harrogate Linton Barton-le-Willows Eastburn Br Low Dalby Barton Hill Acaster Malbis Copmanthorpe Brown Bank Low Bentham Stone Head Thornton Watlass Burniston Gammersgill Skirethorns Spofforth Ormesby Fangdale Beck Harlow Carr Crakehill Bulmer Carlton Dishforth Sharow Saltburn-By-The-Sea Dacre Shipton Spaunton Marton Knoll Top Westhouse Stainburn Newton-on-Ouse Healaugh Walden Acklam Cross Holme Rudby Catterick Deighton Hawkswick Little Fenton Ingleby Cross Farnhill Threshfield Redcar Lackenby Upleatham Speeton Amotherby Burythorpe Tholthorpe Hornby Deighton Falsgrave East Knapton Church Houses North Deighton Easingwold Killinghall Cray Copt Hewick Kettlewell Street Cattal Elvington Lower Dunsforth Skipwith Farnham Starbeck Gateforth Long Marston Old Malton Aire View Dunsdale Toulston Ravenseat Stockton on the Forest Ruston East Heslerton Upper Helmsley Gunnerside Gristhorpe Glasshouses Uckerby Beckwithshaw North Duffield Harmby Liverton Mines Scriven Burn Bridge Burn Fremington Riccall Kirkham Great Fencote Potter Brompton Osgodby Leathley Thornton in Lonsdale Studley Royal Little Studley New Marske Staintondale Carlton Miniott Clifton Sand Hutton Scorton Stean Whitwell-on-the-Hill Appletreewick Town Head Levisham Newby Cote Middlesbrough Keasden Near Hardcastle Stokesley Cloughton Brotton Low Mill Melmerby Scaling West Field Great Busby Barkston Ash West Ness Lebberston Carlin How Stainton Sherburn in Elmet Town Head Heworth Litton Cross Hills Bolton-on-Swale Broughton Kirkby Malham Burnsall Hellifield Green Hutton Wandesley Hutton Village Hunton Bilton in Ainsty Mickleby Hartlington Broughton Brokes Boltby Fylingthorpe Long Drax Arncliffe Hillam Gerrick Whashton East Marton Grantley Hall West Lutton Nidd Askrigg Gargrave Liverton Caldwell Menethorpe Willerby High Grantley Aislaby Morton-on-Swale High Bradley Osmotherley Shaw Green Great Thirkleby West Tanfield Warrenby Kildwick Poole Feizor West Lilling Wighill Sandsend Dunnington North Rigton Sedbusk Wistow Scagglethorpe Ugthorpe East Appleton Brearton Lodge Green Coneysthorpe Boroughbridge Kilburn Middleton Easby Nether Poppleton Strensall Elslack Scalby West Barnby Muston Malton Whitley Holtby Cundall Horsehouse High Stakesby Flixton Dalton-on-Tees Scotton North Ormesby Wigginton Kiplin Menthorpe Kennythorpe Grange Halton East Foredale Swetton Grewelthorpe Hew Green New Skelton Marton Grove Robin Hood's Bay Newthorpe Middleton Tyas Newton Morrell Mewith Head Escrick Snape Grangetown South Bank Egton Cubeck Kirkleatham Spring End Moorsholm Flasby Blades Bewerley Summerbridge Halton West Winterburn Ivelet Heathwaite Oxton Shawfield Head Selby Reighton Bishop Monkton Hubberholme Muker Raskelf Ickornshaw Normanby Lindley Braythorn Arkle Town Aldfield Low Green Simonstone Skelton Appleton Roebuck West Stonesdale Duggleby Thorpe Willoughby Agglethorpe Low Ellington Laverton Carlton in Cleveland Newholm Staxton Coniston Cold Hutton Rudby Burton Salmon Marsett Dormanstown Middleton High Hutton Stackhouse Kirby Hill Nosterfield Tunstall East Lutton Thoralby Cobby Syke Sleights Cononley Woodside North Stainley Upper Poppleton Asenby Welburn Cleasby Newby Wiske Helm Carthorpe Murton Esk Valley Slingsby Marske-By-The-Sea Grinton Knapton Clints West Heslerton Cowesby Wescoe Hill Marton Butterwick Keld Woodthorpe Brandsby Sneaton Stainforth Carlesmoor Hanlith Newton Mulgrave Stillingfleet Smallways Cropton Ainderby Quernhow Camp Hill