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Capital Gains Tax - Property Report
For individuals who are looking to sell additional property
If you are looking to sell a property which isn’t your primary residence and has increased in value, the profits would be subject to Capital Gains Tax (CGT). But did you know that if you have lived in the property you are selling for a period of time, you are entitled to tax relief for that period of time.
Did you also know that you can offset allowable expenses from any profit made bringing your overall CGT liability down?
Everyone’s circumstances are unique, therefore the tax savings are too, but this report could potentially save you £1000’s.
What’s included in the report?
Our CGT Report will look at your individual circumstances, ensuring that you are offsetting all of your allowable expenses such as stamp duty land tax and legal fees, to mention but a few.
It will also ensure you are maximising all of the reliefs available to you, including the Principal Private Residence Relief (PPR). Although this is a complex calculation the concept is simple, you are entitled to tax relief if you have lived in the property you are selling for a period of time.
Your tailored CGT Report will include an assessment of the reliefs that you may be entitled to, along with the complex calculations based on your advised personal tax situation to help you determine how much CGT you will have to pay.
Tax matters don't have to be taxing
For just £250 + VAT we can assess your individual circumstances and compile your CGT Report.
The report will include our findings, the calculations and your CGT liability for inclusion on your Self Assessment Tax Return when the time comes. So what are you waiting for? If you have sold, or are looking to sell an additional property contact our Tax Team today on the details below.
Do you own or let a property?
Understanding what is an eligible expense and the new rules around tax relief for finance and mortgage costs are taxing at the best of times. This is where our Property Portfolio Review Service can help, for more information click the button below.