Capital Gains Tax (CGT) legislation is complex, and whether you are in business, in employment or retired, opportunities may exist to save CGT.
In business:
A key concern for many business owners considering sale or retirement is to maximise Entrepreneurs’ Relief.
This relief is only available for qualifying business assets, where the first £10m of any capital gain (£5m up to 5 April 2011) on sale or closure is taxed at 10%. This can result in a saving in CGT of up to £1.8m (£900,000 up to 5 April 2011). It is therefore important to ensure that you qualify for this relief prior to any key disposals being made.
Business owners may hold assets outside their business structure. It is not necessarily the case that such assets will automatically qualify for Entrepreneurs’ Relief and detailed consideration therefore needs to be given to this area.
In employment/retirement:
Typically but not exclusively, clients requiring assistance will be high net worth individuals.
We have extensive experience in assisting clients in these categories to plan their affairs efficiently in order to reduce CGT liabilities.
This will inevitably require consideration of income tax and inheritance tax issues, as well as general financial planning matters.
Common areas of planning work may include:
If you require advice or would like to discuss how we might assist you, please do not hesitate to contact us.