What income are capital gains taxed on?

Any sale, transfer or gift of property given by the individual, trust or company to another entity is chargeable in the form of capital gains tax.

What assets are tax free?

As per provisions of TCGA 1992, following assets listed below are considered as tax free – 1. As per provisions of TCGA 1992, following assets listed below are considered as tax free –, 2. Interest in a settled property which is disposed of later cannot be charged for gains. , 3. Main residences and waiting assets. 4. Gains made from disposal of shares, 5. Winnings from bets, lotteries & pools

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Capital Gains Tax

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Capital Gains Tax

When an individual, trust or company sells, transfers or gifts property (either tangible or intangible) to any other entity in order to get financial gain is called Capital gain. The tax paid to HMRC on this capital gain is known as Capital gain tax. It is important for every individual, trust or a company to inform HMRC regarding selling or transfer of an asset otherwise they have to face fines & penalties from HMRC.

Filing of capital gains tax is not an easy process as many complex and detailed calculations are involved in it. There are also some exemptions & reliefs available and for all these we must take advice from any professional expert in order to arrive at some decision. By availing reliefs & exemptions, you can easily reduce or eliminate your tax bill.