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Home » News & Insights » Terrific Tuesday Tax Tip – Capital Gains Tax (CGT)

Terrific Tuesday Tax Tip – Capital Gains Tax (CGT)

Posted on 19th August 2020

This month we are focusing on: Inheritance and Property Tax

And this week are looking at: Tax on Property – Capital Gains Tax (CGT)

Capital gains tax (CGT) is payable when you sell an asset that has increased in value since you bought it. The rate varies based on a number of factors, such as your income and size of gain – for property this would include:-

Buy to Let Properties
Business Premises
Land
Inherited Property

Usually, when you sell your main home (or only home) you don’t have to pay any CGT. However, there are some circumstances when you may have to pay some. For example:

• The home includes a lot of land/additional buildings (1/2 hectare or more)
• You’ve sub-let part of it (but having one lodger doesn’t count)
• Part of your home is exclusively business premises

You only have to pay CGT on gains that exceed your annual allowance. Unless you are a property developer and this is your trade

If you know anyone that needs help and advice with capital gains tax please ask them to contact Avanti, (08000) 388 799

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Filed Under: Tax tips Tagged With: Annual Allowance, Capital Gains Tax, CGT, Property Tax, Tax

Disclaimer:- The information contained herein is given by way of general guidance only and no action should be taken solely on the basis of the information contained herein. The Avanti Group (UK) Ltd will be pleased to provide further guidance on the issues, and how they might affect you. No liability is accepted by the firm for any action taken without seeking appropriate professional advice

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