Established in 1995
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A complex area of tax made simple by Wilshers
If you sell, transfer or dispose of an asset that has increased in value, the gain you've made from the transaction may be taxable. There are many guidelines, exemptions and reliefs around this that make capital gains tax legislation extremely complicated. That's why seeking professional assistance from a firm like Wilshers is the best way to ensure that things are handled correctly.
We can advise you on what items are subject to capital gains tax, guide you in gathering relevant details for any calculations, and create the report on your behalf. Following this, we'll help you make your payments on time to prevent any penalties to you. To discuss this in further detail, book a consultation with our team. We'll be happy to help.
What assets may incur capital gains tax?
- Personal possessions worth £6,000 or more, not including your car
- Shares that are not secured in an ISA or PEP
- Property that is not your main residence, such as your rental properties or holiday home
- Property that is being leased, used for business or is very large
- Business assets
- Cryptoassets, in some cases
- Assets that you jointly own - you'll only pay tax on your share of the gain
We may be able to reduce the amount of tax that you pay
Although capital gains tax may feel like a headache, there are many opportunities for relief that mean you could reduce the amount of tax you need to pay. As the exemptions and deductions are influenced by many factors, including the type of asset and your individual circumstances, Wilshers will advise on any legitimate ways to reduce your tax liabilities.
If we discover that you are entitled to any reliefs, our team will guide you through the application process and ensure you have all required information to support your claim.
When could you save or not be charged at all?
- If the item is a gift to your spouse
- If your total gains are below an annual tax-free allowance - £12,300 or £6,150 for trusts
- If gains have been made from ISAs or PEPs
- If your gains stem from betting, lottery or pool winnings
- You won't pay on items you inherit but may need to pay capital gains tax in the future should you dispose of the inherited asset
"Thanks for your patience and time with my questions."
- a grateful customer
Contact Us
Professional assistance when it matters most
If you need to check if your assets are taxable, contact our team in Chiswick. We'll advise accordingly.
a: 10-11 Heathfield Terrace, London, W4 4JE
