PROPERTY CAPITAL GAINS

We will guide you and explain the whole process fully so that you have confidence in your tax position. Often when a property is sold then rental income also ceases and so if this applies to you then we will ensure that HMRC close down your tax record and stop requesting a self assessment from you.​

Post-recession we are seeing more and more of our customers finally having regained value in their rental portfolio and many have made significant gains from selling some, or all, of their assets. If you have sold any assets at all – stocks, shares, properties to name a few, then we can ensure that your capital gain liability is reduced to as low as possible by advising you on all of the allowable expenses that you are entitled to claim. There are lots of expenses from many years ago when you first purchased the asset which you may even have forgotten about but could save you thousands of pounds in tax.

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We have prepared a help sheet specifically for those who have disposed of an asset and made a Capital Gain which is liable for tax, so please contact us today to request this helpsheet.

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What is the tax free allowance for CGT?

For the 2016/17 you can declare capital gains of £11,100 without having to pay any tax to HMRC. This is an allowance which is in addition to the income tax free allowance if you have had other income in the UK, such as rental income.

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PROPERTY CAPITAL GAINS FAQ's​

What are the rates of tax for CGT?

The rate of Capital Gains Tax has been lowered for most asset classes in the 2016/17 tax year going forward. These new rates are now 10% basic rate and 20% higher rate which have been reduced from 18% and 28% in the 2015/16 tax year. However, if you have disposed of a residential property that was not solely used as your main home, such as a Buy to Let investment, then the previous rates of 18% and 28% still apply in 2016/17.

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If I have made a loss do I still need to declare this?

Yes – any losses will still need to be declared to HMRC. Whenever you make a disposal of an asset such as property or shares you will need to report all of the relevant figures to HMRC by completing the Capital Gains section of the Self Assessment tax return. If you have made a Capital Gains tax loss then you can carry this figure forward each year by completing your tax return and this loss can stay on your tax account to help reduce any taxable gains that you may make in the future.

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LIKE TO SEE OUR HELP SHEET?

As authorised partners of HMRC tax agents are specialist companies who are very familiar with the UK tax system – we understand what you can and can’t claim for a range of specific situations and our aim is to save you a lot of time and money.

At UK Tax Returns we have special agent dedicated phone lines direct to HMRC tax office which are not available to the general public. We are able to talk to HMRC about your claim very quickly at any point that we need to and we can access specialist guidance from technically advisers within HMRC.

Using a tax agent removes the general stress and hassle of trying to deal with a process that you may not 100% understand or be familiar with. Often dealing with the tax office directly can be daunting and confusing so we will act as an intermediary and explain everything to you jargon free.

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Why use a tax agent? ​

OUR PROPERTY Capital GAINS SERVICES