Making a capital gain is usually good news – but it can also come with a hefty tax bill.
So, whether you are selling all, or part, of your business, or some other assets (for example property or shares) it’s important to plan for capital gains in order to minimise the tax liability. In an article for Economia I set out seven ways to reduce your Capital Gains Tax (CGT).
- Utilising the annual exemption
- Utilising losses
- Claim capital losses
- Relieve capital losses against income where possible
- Deferring disposals
- Bed and spousing
- Negligible value claims
You can read the full article here: 7 ways to reduce your Capital Gains Tax Bill
By planning before you make a capital gain you can limit your tax liability – but it is important to plan in advance and not leave it until the last minute.
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EmailThe content of this document is intended for general guidance only and, where relevant, represents our understanding of current law and HM Revenue and Customs practice. Action should not be taken without seeking professional advice. No responsibility for loss by any person acting or refraining from action as a result of the material in this document can be accepted and we cannot assume legal liability for any errors or omissions this document may contain. © Cheesmans. March 2011. All rights reserved.
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