With the ever increasing ‘second home ownership’ generation, and the ever growing asset base of the UK, capital gains tax (CGT) is becoming a more regular (and unwanted) feature in taxation matters for both individuals and companies. It is relatively well publicised that there are many reliefs available, and with careful pre transaction planning we can ensure that any exposure to capital gains tax is minimised.

With this in mind there are various simple planning techniques that can be used, and that are often overlooked. Such planning tools may involve the transfer of assets between spouses to take advantage of each individuals capital gains tax annual exemption.

The rate of taper relief applied to business assets is much more generous than that applied to non business assets. We are able to advise on this complex issue to ensure that maximum relief is obtained where available.

There are different reliefs available to defer the capital gain arising on certain assets. Reliefs such as rollover and holdover can be applied when certain qualifying business assets are disposed of and certain qualifying business assets are acquired within a qualifying time period. Gift relief can be claimed when gifting certain assets away, although interaction with inheritance tax must be considered.