Capital Gains Tax
Capital gains tax
The Government has made some changes recently to capital gains tax, abolishing indexation and taper relief and charging gains at a flat rate of 18%. But it is still possible to make savings. Investments within ISAs are not liable to CGT, so make sure that you use your allowance every year.
Most people know that they can save £1,700 tax by gifting a share in a property to a spouse or civil partner before sale. But did you know that, if you rent out your previous home when you move to a new home, you can get additional tax relief that could save you up to £7,200 - and double that for a couple?
One client asked us to help when HMRC investigated the sale of a flat. In the course of reviewing her affairs, we discovered unclaimed capital losses of over £300,000. After setting off the gain on the flat, she still has £250,000 losses to carry forward indefinitely until she sells the next investment property.
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