Notwithstanding any of the comments that follow, an individual is allowed to make tax-free capital gains of £11,700 during 2018-19.
There are also a number of circumstances when a disposal does not create a taxable gain. These include:
If you live abroad, you will have to pay tax on gains you make on residential property in the UK even if you are non-resident for tax purposes. You do not pay Capital Gains Tax on other UK assets, for example shares in UK companies, unless you return to the UK within 5 years of leaving.
Even if gains are taxable there may be reliefs you can claim to reduce or defer any Capital Gains Tax that may be due. These reliefs include:
Circumstances when these reliefs may be of use include:
If you are likely to dispose of, or re-organise, any assets in this way please contact us to discuss any Capital Gains Tax implications.
You can give away £3,000 worth of gifts each tax year (6 April to 5 April) without them being added to the value of your estate. This is known as your ‘annual exemption’.
According to a recent announcement on the GOV.UK website, preparations include the recruitment of 700 new staff to work on EU Exit policy.