Capital Gains Tax Services
Practical Capital Gains Tax Advice for Individuals, Landlords, Investors & Business Owners
Selling an asset can have significant tax consequences, but understanding your Capital Gains Tax position doesn’t need to be complicated. Whether you’re disposing of an investment property, shares, a business or other valuable assets, we provide practical advice that helps you understand your tax position, identify available reliefs and meet your HMRC obligations with confidence.
At RAIMS Chartered Certified Accountants, we support individuals, landlords, investors and business owners with clear, commercially focused Capital Gains Tax advice tailored to their individual circumstances.
When Can Capital Gains Tax Apply?
Capital Gains Tax can arise in a wide range of situations, many of which people don't immediately associate with a tax liability.
Selling an Investment Property
Disposing of a buy-to-let property or second home may create a Capital Gains Tax liability depending on your circumstances.
Selling Shares
Selling company or investment shares can trigger Capital Gains Tax, making early planning particularly valuable.
Selling a Business
Business disposals often present opportunities to review available reliefs before contracts are exchanged.
Gifting Assets
Giving assets to family members or other individuals can still have Capital Gains Tax implications, even where no money changes hands.
Overseas Assets
UK residents may have Capital Gains Tax obligations when disposing of qualifying overseas assets.
Trusts & Estates
Certain transfers involving trusts and estates can create Capital Gains Tax liabilities that require careful consideration.
Calculating the Gain
Capital Gains Tax is generally calculated by comparing the disposal proceeds with the acquisition cost, after taking account of allowable adjustments.
Allowable Costs
Certain acquisition, improvement and disposal costs may reduce the taxable gain where they qualify under current legislation.
Reporting Requirements
Some disposals must be reported to HMRC within specific deadlines, making accurate record keeping particularly important.
Every Situation Is Different
The amount of Capital Gains Tax payable depends on factors including ownership, available reliefs, losses and your wider tax position.
Reducing Your Capital Gains Tax Liability
Understanding the reliefs available is just as important as understanding the tax itself. The availability of reliefs depends on your individual circumstances and current UK tax legislation.
Private Residence Relief
Relief may be available where a property has been your main residence for qualifying periods.
Business Asset Disposal Relief
Eligible business disposals may qualify for a reduced rate of Capital Gains Tax where the relevant conditions are satisfied.
Annual Exempt Amount
Individuals may be able to utilise their annual Capital Gains Tax exemption when calculating taxable gains.
Capital Losses
Unused capital losses may be available to offset taxable gains, reducing the overall Capital Gains Tax liability.
Spousal Transfers
Transfers between spouses or civil partners can create legitimate tax planning opportunities before certain disposals take place.
Hold-Over Relief
In qualifying circumstances, Capital Gains Tax may be deferred where assets are gifted or transferred under the relevant legislation.
Avoiding Costly Capital Gains Tax Mistakes
- Missing Reporting Deadlines
- Waiting Until After the Sale
- Overlooking Available Reliefs
- Incorrect Valuations
- Poor Record Keeping
- Assuming No Tax Is Due
Why Choose RAIMS for Capital Gains Tax Advice
Every Capital Gains Tax calculation depends on your individual circumstances. We provide practical advice tailored to your assets, objectives and tax position, helping you make informed decisions with clarity and confidence.
Specialist Capital Gains Tax Advice
Practical guidance across property, business, investment and personal Capital Gains Tax matters.
Tailored to Your Circumstances
Recommendations based on your individual objectives rather than a standard approach.
Clear, Practical Advice
Technical tax legislation explained in straightforward language that supports informed decision-making.
Responsive Support & WhatsApp Access
Questions often arise during a transaction. We're available by phone, email and WhatsApp whenever you need guidance.
Transparent Pricing
Clear pricing agreed from the outset, providing certainty with no unexpected costs.
Trusted Professional Expertise
Supporting individuals, landlords, investors and business owners with Capital Gains Tax advice backed by extensive UK accounting and taxation experience.
Frequently Asked Questions
What is Capital Gains Tax (CGT)?
Capital Gains Tax is a tax on the profit you make when you sell or dispose of an asset that has increased in value. You usually pay tax on the gain rather than the amount you receive from the sale.
Do I pay Capital Gains Tax when I sell shares?
Yes. Selling shares may give rise to Capital Gains Tax depending on the size of the gain, available exemptions and your overall tax position. We can calculate the gain accurately and advise on any available reliefs.
Do I pay Capital Gains Tax when giving a property to my children?
Transferring property to family members can still have Capital Gains Tax implications, even where no money changes hands. It’s important to understand the tax consequences before making the transfer.
What assets are subject to Capital Gains Tax?
Capital Gains Tax may apply to buy-to-let properties, second homes, land, shares, business assets and certain valuable possessions. The rules vary depending on the type of asset and your individual circumstances.
Do I pay Capital Gains Tax when I sell my main home?
Most people do not pay Capital Gains Tax when selling their main home because of Private Residence Relief. However, tax may be due if you’ve rented out part of the property, used it solely for business or don’t qualify for the full relief.
How much Capital Gains Tax will I pay?
The amount depends on the type of asset sold, your taxable income, the size of your gain and any reliefs or exemptions available. We can estimate your Capital Gains Tax liability before a disposal takes place.
Is there a Capital Gains Tax allowance?
Yes. Individuals have an annual Capital Gains Tax allowance, although the amount can change each tax year. Any gains above the allowance may be taxable depending on your circumstances.
When do I need to report Capital Gains Tax?
Reporting deadlines depend on the type of asset you’ve sold. Some disposals, particularly UK residential property, must be reported much sooner than your Self Assessment tax return, so it’s important not to delay.
Do I need to report a gain if no tax is due?
In some cases, yes. Even if no Capital Gains Tax is payable, HMRC may still require you to report the disposal depending on the value of the gain and your overall tax position.
Can I reduce my Capital Gains Tax legally?
Yes. Careful tax planning, claiming available reliefs, using capital losses and making use of allowances can all help reduce your Capital Gains Tax liability. Taking advice before selling an asset often provides the greatest tax-saving opportunities.
Can capital losses reduce my Capital Gains Tax?
Yes. Capital losses can usually be offset against your gains in the same tax year or carried forward to reduce tax on future gains, provided they are reported correctly to HMRC.
What records should I keep?
Keep records of the purchase price, sale proceeds, legal and estate agent fees, improvement costs and any supporting valuations. Good records help ensure your Capital Gains Tax is calculated correctly.
Do I pay Capital Gains Tax on inherited property?
You don’t usually pay Capital Gains Tax when you inherit an asset. However, if you later sell it for more than its value at the date of inheritance, you may have a Capital Gains Tax liability.
How is Capital Gains Tax calculated on property?
Your gain is usually calculated by deducting the purchase price, allowable costs and qualifying improvement expenses from the sale proceeds. Any available reliefs and exemptions are then applied before calculating the tax due.
Can married couples reduce Capital Gains Tax?
In many cases, yes. Transfers between spouses or civil partners are generally free from Capital Gains Tax, allowing couples to make use of available allowances and plan disposals more tax efficiently.
Do landlords pay Capital Gains Tax?
If you sell a buy-to-let or rental property for more than you paid, you may have to pay Capital Gains Tax on the profit. We can help calculate the gain accurately and identify any reliefs that may apply.
What happens if I miss the reporting deadline?
Missing a Capital Gains Tax reporting or payment deadline may result in HMRC penalties and interest charges. If you’ve missed a deadline, it’s best to seek advice as soon as possible.
Can I estimate my Capital Gains Tax before selling?
Yes. We can calculate an estimate before you sell, helping you understand your likely tax bill and explore legitimate ways to reduce it before the transaction takes place.
Do I need an accountant for Capital Gains Tax?
While it’s possible to complete a Capital Gains Tax return yourself, the rules can be complex. Professional advice can help ensure your tax is calculated correctly and that you claim any available reliefs.
Can you help if I've already sold the asset?
Yes. Whether you’ve recently completed the sale or are approaching a reporting deadline, we can calculate your Capital Gains Tax, prepare the necessary returns and help you stay compliant with HMRC.
Can you help with Capital Gains Tax planning?
Absolutely. Planning before selling an asset can often reduce the amount of Capital Gains Tax you pay. We review your circumstances and advise on the most tax-efficient approach available.
Before You Dispose of an Asset
Whether you’re selling an investment property, shares, a business or another valuable asset, obtaining professional advice early can help you understand your Capital Gains Tax position and make informed decisions with confidence.
Book a free consultation to discuss your proposed disposal and receive practical Capital Gains Tax advice tailored to your circumstances.