Capital Gains
Accountancy Services
You may pay capital gains tax if you sell or dispose of a business asset or interest. You pay tax on the difference you bought and sold it for. You are allowed to deduct other costs such as enhancement expenditure, professional fees and costs that you incurred when acquiring and disposing of the asset or interest.
Individual gains could take the form of shares, property or other investments.
As an individual you have a personal capital gains exemption. You can have gains up to this amount and not pay capital gains tax.
Different assets have different capital gains tax rates and rates vary with your other income.
It is a complex area and if you are considering disposing of a personal asset or interest, contact a member of the Spirare team and we will calculate the gain and offer advice to minimise the liability for you.
