Stephen J. Dann
~ ITPA ~
UK Tax Advisor

Capital Gains Tax

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This tax is applied to the profit ("gain") you make when selling an asset. Capital Gains tax relief is also available for losses, and many items are exempt from this tax, including your home. Individuals are entitled to an annual exemption (£3,000 from 6th April, 2024). H.M.Revenue and Customs do provide limited free Capital Gains tax advice but Officers are only trained to provide guidance in application of the legislation and are not trained to provide advice on how to minimise your liability to tax.


After all available exemptions and reliefs have been applied, the net gain is taxed at a flat 10% rate for basic rate taxpayers and 20% for those paying the higher rate of income tax. (18% and 28% respectively if the asset is a property). Indexation and Taper reliefs were abolished for all gains realised after 5th April, 2008


It is often possible to mitigate the tax on an a second home without creating any tax liability on an individual's principal private residence by electing for the second home to be treated as though it were the principal private residence, provided that other home has been the owner's Principal Private Residence in the past. Where a UK resident owns a private residence overseas the availability of Principal Private Residence relief is restricted


If you are handing a business asset to someone else then it is possible to ensure that no Capital Gains tax is payable on this transfer. The rules change from time-to-time and require detailed consideration.


Non-residents and non-domiciles also have Capital Gains tax issues which require planning, especially in determining what may be bought and sold before departure, selling assets whilst abroad, and planning disposals prior to returning to the UK. It is important to note that where an individual remains outside the UK for less than five complete tax years, assets owned at the time of departure and sold whilst abroad will be subject to Capital Gains tax in the year of return. Any UK residential property sold after 5th April, 2015 by a non-resident landlord will be chargeable to Capital Gains Tax in respect of the proportion of capital gain arising after 5th April, 2015 regardless of how long the landlord has been overseas. Where the property is located in a different territory to that in which the taxpayer is resident the availability of Principal Private Residence relief is also restricted For specific advice on capital gains tax for British expats, especially non-resident landlords, please contact me via the email link below outlining your own individual situation.
Long before returning to the UK it is important to consider the value of any assets acquired whilst abroad and to consider disposing of them prior to returning in order to avoid any future liability on latent gains which may arise many years after returning.


If your tax affairs are straightforward, or you are overseas, then to contact a tax consultant you would have to approach an accountancy firm which is time-consuming and expensive. I provide reliable capital gains tax advice online for reasonable fees. The most recent cases are listed on my "advice via internet" page. Once all necessary information is available to me, I can usually provide a detailed and accurate response either from my forty-nine years of professional experience, or from my extensive library within 24 hours. A fee, usually between £ 375 and £ 500, is required in most instances.

To engage my services, or for further information please contact me by e-mail
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