Impact of Capital Gains Tax

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Impact of Capital Gains Tax

If you are thinking to sell a property or shares you want to know about the capital gains tax. It is the tax on the profit when you sell the property or shares.
Capital Gains tax calculator is available on HMRC website and it is easy to know the tax liability. Following few details are required to calculate the Capital Gains Tax:
1) Other Income: You need to know any other taxable income you had during the year like income from employment, self employment or pension.
2)Asset Name: You need to know the asset name to get a full breakdown of your capital gains liability like residential property or shares.
3) Disposal date: The date asset was sold, gifted, exchanged or disposed off.
4)Disposal proceeds: It is the amount received from the disposal of asset.
5) Purchase price: The amount paid for the asset when acquired.
6) other Costs: The amount spent on acquiring, disposing or improving the asset or other allowable deductions.
7) Losses brought forward: Losses from previous years help to reduce gains in the tax year.
The tax rate vary from 18% to 28% depending on the gross income.
If you want further help or know some one is selling the property please call us or do write an email.
Tel: 07902 130 748

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