Capital Gains Tax has seen a number of changes over the last couple of years where the calculation of the gain is different for corporate entities and individuals. Furthermore, your gain depends on whether the asset disposed of qualifies as a business asset or a non-business asset. This has a significant influence in the amount of gain chargeable especially if held for only a few years.
What are the consequences of an asset partly being a business asset and partly being non-business?
What happens if the asset moves from one category to the other?
There are many pitfalls within this area of taxation and the unwary can quite easily create unnecessary tax liabilities by not being fully aware of the rules. Figures Accountancy Services can offer a comprehensive service in assessing the effects of a capital disposal prior to that disposal taking place and advise of any potential pitfalls. Additionally, this tax interacts with many other reliefs and Figures Accountancy Services can advise on whether any claims to mitigate or hold over the gain are possible and the ultimate consequences of such claims being made.
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